Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

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Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

Related:

  • No Related Posts

Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

Related:

  • No Related Posts

Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

Related:

  • No Related Posts

Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

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Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

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Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

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Exploring Visa’s Digital Currency Patent Application: Toward a New Era of Finance?

Visa is one of the most successful and consequential payments companies in the world. Where the powerhouse enterprise places its efforts is thus no small matter.

That’s why a newly published patent application for a blockchain-powered “digital fiat currency” system by the payments giant is not only legitimizing for blockchain tech in general but also indicates what may be coming to the mainstream payments arena amid increasing hyperdigitalization.

Indeed, Visa’s patent mentioned the reigning smart contract platform Ethereum and the Hyperledger Fabric blockchain nearly a dozen times each. Will the future of finance be built on top public blockchains, then?

That’s the grand question for now, and Visa’s new patent application is an interesting new wrinkle accordingly. To be sure, Visa may have simply kept its options open with a defensive application. Yet if the firm ever does proceed with a system like the one planned in the filing, the implications will be manifold and major. Let’s dive deeper to better understand the stakes.

Patent Comes to Light

On Thursday, May 14th, the U.S. Patent and Trademark Office (USPTO) published the patent application in question, which is simply titled “DIGITAL FIAT CURRENCY.”

The filing, which was first submitted to the USPTO in November 2018, outlines a stablecoin-like system in which blockchain-based digital currency issuances are linked to actual fiat currency reserves.

How the Digital Currency Would Work

Per the application, Visa’s envisioned digital currency entails a central operator, i.e. Visa or beyond, facilitating token issuances atop a blockchain. To this end, the document repeatedly identifies Ethereum as potential infrastructure of choice.

Of the system’s general design, the filing’s abstract simply explains:

“The central entity computer generates the digital currency … The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.

Such a model is not altogether dissimilar to centralized stablecoin operations already active in the cryptoeconomy, like the CENTRE-backed USDC project. The main difference is that Visa’s system would be unapologetically centralized, whereas USDC’s backers have taken a rather hands-off approach to their token to date.

To Libra, or Not to Libra

Facebook shocked the world last summer when it first unveiled plans for the Libra stablecoin. The news kicked up a firestorm among global regulators, who saw the move as Facebook trying to outmaneuver central banks.

One of the biggest initial targets of the Libra Association, the Libra’s governing body, was Visa. Yet it turned out that the payments powerhouse never formally joined the association, and in October 2019 the company confirmed it would not be directly backing the controversial stablecoin.

However, since Visa’s digital currency patent application was filed just one month after the company’s Libra withdrawal, some will now surely wonder whether Visa wanting to go its own way on blockchain was just as pivotal to its retreat as international regulatory headaches were.

Good News for Ethereum & Hyperledger

Regardless of what ends up happening with this patent application, the fact that Visa therein repeatedly mentioned Ethereum and Hyperledger Fabric as possible underlying infrastructure is a major PR victory for both projects.

For now, there’s certainly nowhere better to look: Ethereum remains the undisputed “king of the hill” when it comes to smart contract platforms, while the open-source Hyperledger Fabric project has major contributors like the Linux Foundation and IBM. Just the fact that Visa mentioned these two platforms at all will help their respective momentums going forward.

On the Decentralization Spectrum

Public blockchains like Ethereum can be used in many ways. They can give rise to totally decentralized projects like Augur and Uniswap, or they can help power centralized third-party enterprises like the Tether (USDT) stablecoin operation.

Obviously then, Visa’s digital currency system — at least as initially outlined — would be near the “completely centralized” end of the decentralization spectrum. With that said, though, what would be interesting to see is if and how Visa’s digital currency would permeate into more decentralized areas of the cryptoeconomy, e.g. like USDT trading on Uniswap.

Visa could employ a smart contract whitelisting system to mitigate its tokens running amok in DeFi, though the company wouldn’t necessarily have to.

A Boon for Public Blockchains

In recent years, debates have swirled around the prospects of public vs. private blockchains going forward.

As of now, though, public blockchains like Bitcoin and Ethereum certainly have seized the upper-hand when it comes to general viability as infrastructure. That Visa would even note Ethereum as one possible home for a Visa-backed digital currency shows that public blockchains are promising and can truly no longer be discounted in the traditional finance arena.

News Comes as Stablecoins Are Booming

There’s no indication just yet that Visa’s digital currency will actually come to fruition. But the mere prospect of its arrival comes at a time when both centralized and decentralized fiat-pegged stablecoins have been becoming increasingly popular.

For instance, this month the combined market capitalization of all active stablecoins reached $10 billion USD for the first time ever. The new milestone shows that demand for fiat-pegged or value-stable tokens is already strong and on the rise.

If a major firm like Visa jumped into the rising sector in a big way, then stablecoins in general will have officially hit the prime time. The possibility is closer than ever.

The CBDC Specter

As outlined, Visa’s envisioned digital currency system leaves the door open for central banking institutions to work with the payments company on actualizing central bank digital currency (CBDC) issuances.

What’s interesting here is that in Visa central banks would certainly find a reliable and promising partner. In many cases, these banks would naturally be more comfortable using an Ethereum-powered Visa system rather than building their own Ethereum solutions themselves.

As such, Visa would be ideal for central banks wanting to issue CBDCs for retail rather than wholesale use, as the company’s consumer base is vast.

Will Other Big Firms Follow Suit?

Because of its sheer size and success, Visa is a very influential firm. It’s a titan in the payments industry, and its operations are closely tracked by many stakeholders, including high-profile competitors.

It’s entirely possible, then, that this new Visa digital currency news causes other large companies to take a second look blockchain-based solutions. If Ethereum or Hyperledger Fabric are good enough for Visa, they will be good enough for many others too.

Blockchain on the Brain

This patent application isn’t Visa’s first blockchain industry rodeo. Last summer, the company unveiled Visa B2B Connect, a cross-border payments solution built on Hyperledger Fabric.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” Visa’s Global Business Solutions lead Kevin Phalen said at the time.

In the very least, the Visa B2B Connect roll out shows that Visa is not only adept at planning out blockchain-powered systems but also at developing them and putting them into production.

If Visa’s digital currency patent gets approved and the company does build out the system, the enterprise certainly has the know-how, the resources, and the reach to bring the solution right into the heart of the mainstream.

1,080

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With Demand for Blockchain Experience Up, SIMBA Chain’s User-Friendly Platform Helps Portland …

SOUTH BEND, Ind., May 8, 2020 /PRNewswire/ — With pandemic-related job losses soaring, there’s a bright spot for tech-enabled jobseekers. In an April 24 article entitled “Inside Blockchain’s Coronavirus Hiring Spree,” Forbes reported the share of cryptocurrency and blockchain job postings on Indeed.com had increased by nearly nine percent, while remote cryptocurrency and blockchain-related job postings increased by more than 42 percent.

The news that companies are snapping up applicants with blockchain experience is music to the ears of Portland State University. In its winter 2020 term, the university successfully completed their Blockchain in Business Lab with the help of blockchain innovator SIMBA Chain.

SIMBA Chain, whose cloud-based Smart Contract as a Service (SCaaS) platform has been embraced by the U.S. government as well as enterprise businesses, was deployed by Portland State as part of its online Business Blockchain Certificate program. SIMBA Chain is an able partner, as its low-code platform allows users with little to no programming skills to conceptualize design, develop, and deploy decentralized applications (dapps).

The hands-on experience is critical to creating both an understanding of and comfort with cutting-edge blockchain technology and its applications among students in business, as well as traditional computing majors, says David Wasson, SIMBA Chain’s education program lead.

“Like any new technology, it’s important for people to dive in and actually use it,” says Wasson, who has been working with Portland State since last fall to help them create what is among the first-of-its-kind, university business-level experiences in blockchain. “Portland State is enabling students who have literally no coding experience to create relatively complex smart contracts and dapps.”

Predicting demand for graduates with a deep understanding of blockchain’s business applications, the Portland State School of Business is among the first in the nation with a blockchain curriculum. It’s also one of the first universities to employ SIMBA Chain in its coursework.

SIMBA Chain’s solutions offer students an intuitive drag-and-drop business user interface that automatically generates the code and APIs needed to create dapps, which are then deployed on SIMBA Chain-supported platforms, including Ethereum, Stellar, RSK, Quorum, and Hyperledger.

“SIMBA Chain offers the perfect entrée into building blockchain dapps. Students can easily design smart contracts for complex business processes and then study and modify the auto-generated code before taking their projects live. The hands-on experience offered by SIMBA Chain adds tremendous value to our program,” says Kristi Yuthas, professor and founder of the Business Blockchain Certificate program at Portland State.

The Business Blockchain Certificate program has attracted business professionals eager to expand their knowledge base. Tara Rubin, a pharmaceutical industry executive and student in the program, said, “Simba Chain provided a valuable, in-depth look into building and deploying of blockchain dapps. The asset and transaction model was especially interesting, as it allows the user to build relational charts.”

Added fellow student Dr. Skye Lininger, who is also a serial entrepreneur and CEO, “Using SIMBA Chain in the lab provided an understandable way to create smart contracts and applications, and learn how they deploy and interact with a blockchain platform.”

About SIMBA Chain, Inc.

SIMBA Chain’s cloud-based, Smart Contract as a Service (SCaaS) platform enables industry and governments to quickly develop and deploy Web 3.0 distributed applications (Dapps) for many blockchains and across many platforms. SIMBA Chain was the recipient of TechPoint’s 2019 Mira Award for New Product of the Year and 1st Source Bank’s 2019 Commercialization Award. The SIMBA Chain platform supports Ethereum, Quorum, RSK, Stellar and Hyperledger as well as other blockchain protocols. Learn more.

Media Contact:

David Wasson

Phone: 574.914.4446

Email: info@simbachain.com

CisionCision
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View original content:http://www.prnewswire.com/news-releases/with-demand-for-blockchain-experience-up-simba-chains-user-friendly-platform-helps-portland-state-prepare-students-for-hot-careers-301055927.html

SOURCE SIMBA Chain

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PegaSys Ethereum Suite Now Available on Microsoft’s Azure Marketplace

Developers can now access the tools needed to manage a full-scale Enterprise Ethereum network through Microsoft’s Azure marketplace.

The PegaSys Ethereum Suite, which includes ​Hyperledger Besu,​​ PegaSys Plus​ and PegaSys Orchestrate​, will help developers deploy multi-node networks with blockchain explorers, monitoring and dashboards, Ethereum development studio ConsenSys said in a press release on Friday.

PegaSys is the protocol engineering group at ConsenSys, which in turn is the Brooklyn, New York-based firm known for incubating Ethereum projects. Despite laying off dozens of workers in late April, the firm is looking ahead to further network developments in the blockchain arena.

Related:Schlesi Testnet Is Latest Step in Long Road Toward Eth 2.0

“We are excited to see the launch of Hyperledger Besu and PegaSys Plus on the Azure Marketplace,” said Yorke E. Rhodes III, principal program manager at Microsoft’s Blockchain Engineering, in a statement to CoinDesk. “Continuing to advance the enterprise quality and tooling for blockchain networks and development is core to serving the needs of customers using Azure.”

See also: Azure Integration Opens Blockchain Firm Kaleido to 80% of Cloud Market

The Azure allure draws in thousands of potential developers to build within the blockchain ecosystem by providing them with development kits necessary for constructing web 3.0 infrastructure, including cloud computing.

The Microsoft Blockchain Development Kit for Ethereum ​will also now support Hyperledger Besu directly, ConsenSys said.

Related:Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It

​Hyperledger Besu is an open-source Ethereum client written in Java’s programming language. In 2019, it was gifted to Hyperledger, another open-source collaborative blockchain effort hosted by the Linux Foundation.

​PegaSys Plus, the commercial subscription of Hyperledger Besu, offers additional capabilities and support guarantees, while ​PegaSys Orchestrate ​is an Ethereum transaction orchestration system.

An orchestration system is designed to cut down the time and labor eaten up in manual coding by better aligning a business’ data and applications to others. In the case of PegaSys Orchestrate, it enables organizations to build on any Ethereum network by providing functionality to manage transactions, smart contracts and private keys.

See also: Enterprise Ethereum Alliance Launches Testing Ground for Blockchain Interoperability

ConsenSys has held a strong partnership with Microsoft since the first Visual Studio plug-in for Solidity that the two software companies launched in early 2016.

Both Microsoft and ConsenSys are founding members of the Enterprise Ethereum Alliance (EEA), a standards group where finance and other industries explore private versions utilizing Ethereum technology.

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