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Visa launches new blockchain payment system B2B connect

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  • Card provider giant Visa has announced it is launching a blockchain-based payment platform.
  • B2B connect has been worked on over the years behind scenes, which will be available initially to just corporate, with scope to role out to private clients.

Household card provider, Visa has recently announced that they are launching a blockchain-based payment platform called B2B connect. The company has behind scenes been working on the development of the project for a number of years.

An official representative from Visa detailed that B2B Connect is a solution for the delayed payment processing systems in the current financial industry. By implementing the blockchain, Visa will facilitate instant transactions while also recording them on a ledger if needs be.

It is noted that this payment method is designed for corporate clients, but its performance will be evaluated a month or two with testing, to determine if Visa will launch it on the retail level as well.

source:fxstreet

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Blockchain

Algorand, a Proof-of-Stake Blockchain Company, Goes Open Source

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Algorand, a permission-less, proof-of-stake blockchain and technology company, announced that their node repository is now open source.

Part of Algorand’s ongoing mission to develop and promote a decentralized blockchain, the company has made several of its projects open source over the past year, including a Verifiable Random Functionand their Developer SDKs.

The blockchain’s nodes are run by diverse entities — businesses, individuals, and consortiums — spread across many countries, according to the company website. The decentralized voting mechanism pools and randomly selects these users to develop a unique committee to approve every block.

Now that the process is open source, Algorand hopes to further their exploration of the “borderless economy and… evolve blockchain.”

The company also announced a partnership with Flipside Crypto to provide a free user engagement analytics suite. This toolbox gives Algorand-based developers user insight, to help build the most applicable and relevant Dapps.

The Flipside Crypto partnership allows developers to annotate their Dapp addresses, monitor the live number of active addresses, and compare their Dapp’s activity to other Dapps on Algorand’s platform.

This ties in with the tools already provided by Algorand, such as free SDKs. which have been used to develop a number of media, entertainment, real estate, and financial services applications.

Backed by Pillar and Union Square Ventures, and an unnamed “broad global investment group” to the tune of nearly $70 million, Algorand prides itself for building the technologies that will remove the “technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.”

source:coindesk

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Rhode Island is exploring blockchain technology to improve state operations

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  • The idea can only be initiated after the state approves the request for proposal (RFP).
  • A technical evaluation committee will review the RFP.

Rhode Island has issued a request for proposals (RFP) to explore the possibility of blockchain technology incorporation for government use. Liz Tanner, Director of the Department of Business Regulation, stated that she believes that blockchain can bring modernization in the government and would make bureaucracy in the state more efficient. Apparently, they are not looking for specific solutions, but are just intrigued by its possibilities. A memo following the RFP states: 

“Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”

Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that it will allure more bidders who are required to submit two proofs of concept for blockchain application. The idea can only be initiated after the state approves the RFP. The memo also states:

“With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations.” 

A technical evaluation committee composed of staff from various state agencies will review the RFP. However, McCabe admitted that they face significant hurdles from laws, regulations and licensing structures that would require changes to allow for blockchain use.

source:.fxstreet

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Government and financial regulators in Brazil exploring use of Blockchain

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  • Brazilian authorities are keen to adapt to new emerging technologies, such as blockchain.
  • The Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together

The government and financial authorities in Brazil are working on a project for the development of a regulatory sandbox type model. They are keen to target new technologies such as blockchain.

In terms of the authorities; the Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together to ensure they adapt to tech such as blockchain, exploring how it is affecting the financial industries within the country.

The CVM detailed that the project implies that emerging technologies in the likes of; blockchain, robotics and AI have facilitated the establishment of new business models. They of which have been able to come up with new products and services of higher quality and scope.

source:fxstreet.

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