Visa Works on Blockchain System for Joint Computation of Large-Scale Private Data

Published on by Cointele | Published on

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.

Visa Research - the research and development arm of Visa that focuses on data analytics, security and payment innovation - released a paper describing a blockchain-powered system for policy-compliant computing.

The system is dubbed LucidiTEE, where TEE stands for trusted execution environments.

Joint processing of large data sets with higher transparency.

The system is aimed at building applications that process large data sets and are intended for serving a large number of users, without knowing in advance what users would participate and expect them to be online.

LucidiTEE allows participants to jointly compute private data, purportedly providing them with transparency and control and ensuring that other parties can not observe the results of the computation.

To ensure the fairness of the computations and their compliance with policies, the system applies specific protocols between TEEs and a shared ledger, where the ledger is only used to enforce policies.

Industry players fight for personal data protection.

Industry players have long been concerned with the secure processing and sharing of personal data.

In a bid for maintaining anonymity and the protection of personal data, an anonymous organization dubbed "Unknown Fund" recently announced plans to give away $75 million in Bitcoin to privacy-dedicated startups.

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