Hackernoon logoNew Research Paper May Indicate That Visa is Developing a Retail Blockchain Product by@DeepGoldenMan

New Research Paper May Indicate That Visa is Developing a Retail Blockchain Product

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@DeepGoldenManDaniel J. Mitchell

Professional News and Features Writer -> Blockchain, Technology, Video Games, Digital Assets

Cryptology ePrint Archive has published a paper, entitled ‘LucidiTEE: Policy-compliant Fair Computing at Scale’, credited to a trio of staff members working for Visa and Visa Research by the names of Rohit Sinha, Sivanarayana Gaddam, and Ranjit Kumaresan.
This details a product called ‘LucidiTEE’, which is allegedly an in-development distributed ledger technology (DLT) solution being created by Visa.
“LucidiTEE [is] the first system to enable multiple parties to jointly compute on large-scale private data, while guaranteeing policy-compliance even when the input providers are offline, and fairness to all output recipients.”
LucidiTEE is Visa’s proposed system which would utilise blockchain technology to help provide greater levels of security and operational transparency to its business customers; as well as to help those customers build a greater relationship of trust with their end-users.
Specifically, it is a blockchain-based solution which acts as a standardised intermediary layer and automated non-custodial means of securely transmitting private data between two parties; specifically customer information between banks and consumer financial applications.
The documentation suggests two primary options by which these goals could be achieved:
“1. Enforcing agreed-upon policies on what functions can be evaluated over private data (even when the users are offline).
2) Enforcing the set of parties with whom the results are shared. for this level of control, the system must ensure policy compliance, and we demonstrate, using modern applications, the need for history-based policies, where any decision to compute on users’ data depends on prior use of that data”
The name ‘LucidiTEE’ serves as both a pun, and a portmanteau of the term ‘lucidity’ with the acronym ‘TEE’. Etymologically speaking: lucidity connotes a remarkable clarity in representation.
TEE stands for ‘Trusted Execution Environment’, an industrial security standard for internal hardware components to which Visa’s proposed system would comply.
In this instance: the use of the term ‘lucid’ refers to a combination of unanimous consensus with the security and immutability which can be uniquely achieved through distributed ledger and computer networks.
“A key contribution is our protocol (with a formal proof of security) for fair n-party information exchange… in our case studies, this result provides a practical benefit as end users on commodity devices can enjoy fairness when engaging with service providers.”
This feature was originally published on news.daex.com on 22nd November 2019. Visit news.daex.com for more like this.


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