SBI Ripple Asia along with the Japan Payment Card Consortium have declared that the proof of thought to stop fraud with blockchain technology.
SBI Ripple Asia along with the Japan Payment Card Consortium have declared that the joint proof of concept (PoC) to fight fraud with blockchain engineering, according to an official launch published Nov. 16. According to the news release, the PoC will be conducted on R3’s blockchain platform also will aim to prevent damage wrought by fraudulent transactions by allowing the sharing of data between parties. The Japan Payment Card Consortium counts nine big credit card issuers — including American Express (Amex), Credit Saison and Toyota Finance — and just two payment-card technology suppliers as members. SBI Ripple Asia is a joint enterprise from financial services blockchain firm Ripple and SBI Holdings that’s been working to advance options for the financial and business industry since its institution in 2016. Corda has reportedly been picked for the PoC due to its information privacy and security set-up. The launch outlines that data in the system is to function as “shared only with people who have a ‘desire to know. ’” Every firm will own a Corda node, and while every provider implements its own security policy, the information sharing one of the nodes is secured by Corda. ”Western IT services supplier TIS, which is a member of this R3 consortium, will reportedly develop a secure and scalable data sharing system for your PoC on the basis of Corda.Although in the PoC point, data will be shared just between the player card companies. The consortium says it’s going to consider extending data sharing into a broader array of parties — such as retailers and payment service providers (PSPs) — in future, in the name of better protecting against fraud industry-wide. […]