Visa’s research arm has published a paper on the blockchain system LucidiTEE, which aims to “solve growing public concern” related to lack of transparency in sharing sensitive information by third parties.
According to the research paper, Visa’s blockchain system LucidiTEE will be the first system for joint computation on large-scale private data that can guarantee “policy compliance”, adding transparency to the process of sharing and usage of sensitive information.
The blockchain solution can “provide transparency” due to the implementation of “history-based policies, where any decision to compute on users’ data depends on prior use of that data.” Consequently, that concept implementation allows the enforcement of compliance with agreed-upon policies.
Additionally, Visa’s blockchain system aims to bring fairness to the distribution of outputs generated by the usage of users’ data with an algorithm that ensures that non-approved parties “cannot observe the results of the computation.”
As COIN360 previously reported, Visa earlier refused to participate in the Facebook-led Libra Association in the midst of concerns about how Facebook uses personal data. Earlier two U.S. Senators sent letters to the payment giant, directly warning against proceeding with the Libra crypto project.