Visa develops a blockchain-based joint computing system for processing large-scale private data

According to Cointelegraph on November 19th, the international payment network Visa is developing a blockchain-based system for joint policy-compatible computing of large-scale private data.

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Visa's R&D department, Visa Research, specializes in data analysis, security and payment innovation. The department recently published a paper describing LucidiTEE, a policy-compatible computing system based on blockchain, in which TEE represents a trusted execution environment.

Joint processing of large-scale data with higher transparency

The system is designed to build applications that serve a large number of users and process large data sets, protecting the privacy of user data while processing data. LucidiTEE allows participants to perform policy-compliance calculations on private data, providing them with transparency and control over the data, and ensuring that other parties cannot see the results.

In order to ensure the fairness of the calculations and the compatibility of the policies, the system uses a specific protocol between the TEEs and the shared ledger to ensure that the ledger is used in accordance with existing policies.

Fighting to protect personal privacy

The industry has been concerned about the safe handling and sharing of personal data. At BlockShow Asia 2019, held earlier this month, several leaders in the cryptocurrency industry announced that they would create an agreement to maintain privacy while complying with the Financial Action Task Force (FATF). The white paper shows that the agreement allows virtual asset service providers across multiple jurisdictions to trade with each other without having to know each other and without having to register with any central authority.

In addition, in order to maintain anonymity and protect personal data, an anonymous organization called "Unknow Fund" recently announced that it plans to donate $75 million worth of bitcoin to startups working on privacy development.