Visa Launches a Blockchain System that Algorithmically Ensures Fairness

By Brian Njuguna   Nov 19, 2019 1 Min Read

shutterstock_617054912 (1).jpgVisa, a prominent card payment solution provider, has developed a blockchain-driven system dubbed LucidiTEE that seeks to enable multiple parties to compute large-scale private data jointly. This is touted to happen in such a way that policy compliance is guaranteed even if the input providers are offline. 

Through a whitepaper, Visa’s Research & Development department has revealed that the system will algorithmically ensure fairness because if one party gets the output, the same will be availed to all honest parties. 

LucidiTEE Uses Protocols

It has been stipulated that LucidiTEE utilizes protocols to warrant the compliance of policies and provision of fairness in all computations, even if any of the parties’ subsets act maliciously. 

The paper asserts, “A key contribution is our protocol (with a formal proof of security) for fair n-party information exchange, which tolerates an arbitrary corruption threshold t < n, and requires only t parties to possess a TEE node.”

These protocols are beneficial as end-users on commodity devices enjoy fairness whenever they engage service providers. 

Moreover, data is crunched within a trusted execution environment (TEE), as well as the utilization of history-based policies that prompt the presentation of any computational output to all parties. 

LucidiTEE will first be applied in the sharing of data between customers and financial apps. It is also speculated that this blockchain system might permit banks to share data to tutor machine learning algorithms to track fraud.

 

Image via Shutterstock  

About the author

Brian Njuguna
He is an accomplished corporate writer and entrepreneur based in Nairobi, Kenya. He holds a Bachelors of Economics & Statistics, Second Class Upper Division, from Kenyatta University. Brian has a penchant for Blockchain and Cryptocurrency because he believes the present systems will be altered by these innovations as they reign supreme as we gear towards the fourth industrial revolution or 4IR.




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