下列哪些选项是区块链的跨境支付解决方案的特点,区块链在跨境支付领域的应用主要由下列部门所推动的

㈠ What is blockchain technology and how it changes business and financial models

Blockchain technology is a distributed ledger technology. It allows multiple participants to jointly maintain a secure, transparent and immutable record on a decentralized network. Blockchain technology was originally designed for the digital currency Bitcoin, but is now widely used in many other fields.

The core features of blockchain technology include:

Decentralization: Blockchain has no central control agency, and data is distributed on various nodes in the network, which makes it decentralized. The centralization feature reduces the risk of single points of failure.

Transparency: Transaction records on the blockchain are public to all participants, and anyone can view these records. This helps increase trust and reduce the risk of fraud.

Immutable: Once a transaction is recorded on the blockchain, it cannot be easily modified or deleted. This guarantees data integrity and security.

Smart contracts: Transactions on the blockchain can be automatically executed to implement "smart contracts", which automatically execute corresponding operations when specific conditions are met. This helps simplify complex business processes and reduce costs.

Blockchain technology has had a profound impact on business and financial models, which is mainly reflected in the following aspects:

Reducing costs: Blockchain technology can reduce intermediary links and reduce costs. Transaction costs and operating costs. For example, by adopting blockchain for cross-border payments, remittance fees can be significantly reduced.

Improving efficiency: The automation and smart contract features of blockchain technology help improve the efficiency of business processes, reduce manual intervention, and reduce error rates.

Enhance trust: The transparency and non-tamperability of blockchain technology help to establish a reliable trust system, reduce the risk of fraud, and provide better protection for commercial activities.

Innovative business models: Blockchain technology has spawned many new business models, such as decentralized finance (DeFi), digital asset trading, supply chain finance, etc. These new business models have brought disruptive changes to existing industries.

In short, blockchain technology, as an emerging technical means, is gradually changing the landscape of business and finance. With the continuous development of technology and the in-depth promotion of applications, blockchain is expected to have a more extensive and far-reaching impact in the future

㈡ What exactly is blockchain and decrypt the concept of blockchain

(iii) What are the cross-border third-party payment platforms?

The development process of third-party cross-border payment has always relied on the changes and evolution of the cross-border e-commerce market. With the increase in global per capita purchasing power, the increase in Internet penetration, the further maturity of payment channels, and the improvement of logistics and other supporting facilities, online shopping has become a rising consumption habit worldwide, and cross-border e-commerce has become an inevitable trend to replace traditional trade. However, in recent years, the growth of cross-border e-commerce has slowed down, and third-party cross-borderThe development of the international payment industry has entered a stable period. Therefore, in the absence of new business models or emerging fields, it is difficult for the third-party cross-border payment industry that relies on cross-border e-commerce to show rapid growth.

However, opportunities also lie in change. After the epidemic, various industries began to recover; the two major cross-border consumption scenarios of traveling abroad and studying abroad are becoming more and more popular; the digital interconnection of the Guangdong-Hong Kong-Macao Greater Bay Area has been upgraded; small and medium-sized enterprises have ushered in a new wave of overseas expansion, with B2C, B2B and other cross-border New forms of trade maintain rapid growth. Cross-border payment has ushered in new development space.

In this context, the scale, structural characteristics and payment models of the global cross-border payment market are quietly changing, with opportunities and challenges coexisting. Cross-border payments face practical problems such as high cost, slow speed, limited access, and insufficient transparency. For cross-border payment service platforms, it is necessary to ensure that the business complies with local laws and regulations in each market, and to provide corresponding solutions for different business models of cross-border e-commerce to meet the diverse business needs of merchants. This is A pretty daunting challenge. Especially today, when small and medium-sized enterprises are competing to go overseas, building faster, cheaper, more transparent, and more inclusive cross-border payments to solve the worries of enterprises going overseas has become the common development goal and vision of the entire industry.

Based on the importance of cross-border payments, EqualOcean will inspect 20 cross-border payment platforms in China.

Lianlian International

Lianlian Digital International is the core brand of Lianlian Digital. Lianlian Digital was established in Hangzhou, Zhejiang in 2009. In 2015, it won the bid for the "Cross-border Foreign Exchange Payment Business Pilot Approval". It is one of the first pilot institutions for cross-border foreign exchange business in China.

By 2020, it will support the cross-border collection services of 20 global e-commerce platforms such as Amazon, eBay, Wish, and Shopee, covering more than 100 countries and regions. Covering cross-border payment, cross-border logistics, global acquiring, remittance services, global fund distribution, etc. It is a comprehensive innovative enterprise in the field of cross-border trade payment finance and services in China. Relying on its compliance and security capabilities and technological innovation capabilities, Changda has built a global payment and financial network and a trade service network covering the entire life cycle of the enterprise. In 2021, Lianlian International announced its cooperation with VISA to launch a global business payment solution.

So far, Lianlian Digital has completed five rounds of financing and plans to IPO in Hong Kong as soon as next year. This financing may bring the valuation of Lianlian Digital to about 20 billion yuan.

Table Tennis

Hangzhou Table Tennis Intelligent Technology Co., Ltd. was established in 2015 and is an innovative promoter of China's cross-border industries.

Currently, PingPong has more than 20 branches around the world, covering more than 200 countries and regions, and is one of the world's largest comprehensive cross-border trade service providers. It has been connected to Amazon’s top ten global websites such as Wish, Newegg, Shopee and other e-commerce platforms. It is the only Chinese-funded enterprise with payment licenses from the United States, the European Union, Japan and Hong Kong. Relying on its global operation service network, payment licenses and compliance qualifications from mainstream countries and regions, Ping Pong focuses on cross-border e-commerce and foreign trade.In response to the comprehensive needs of enterprises going overseas, a diversified product matrix has been built to provide compliant, safe and convenient one-stop digital financial technology services for different types of customers. We have been committed to building a global digital operation service network through technological innovation, working with more ecological partners to help cross-border sellers and enterprises improve their global competitiveness, and create prosp

Provide end-to-end convenient services for enterprises of all sizes and support small and medium-sized enterprises Corporate customers accept online payments from global buyers, collect payments through virtual bank accounts at low cost, facilitate remittances, provide multi-currency card issuance, expense management and other value-added services, and customize API solutions for large enterprises and institutions. To better support global business growth, Airwallex's San Francisco office will become its fifth global technology research and development center. R&D centers following Melbourne, Sydney, Shanghai and Amsterdam focus on product research and development. d and upgrade to build a stronger global financial infrastructure and further promote global digital innovation.

Completed Series E financing in November 2021, with a financing amount of US$100 million, funded by Sequoia Capital China.

XTransfer

XTransfer was established in May 2017 and is headquartered in Shanghai. It is a company that provides one-stop cross-border financial and risk control services for foreign trade companies. Committed to helping small and medium-sized enterprises significantly reduce the threshold and costs of the global exhibition industry. Its revenue mainly comes from service fees for cross-border collection, foreign exchange exchange, anti-money laundering risk control and other fund management services.

Currently, XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia, and has branches in major foreign trade cities such as Hong Kong, Shenzhen, and the United Kingdom, the United States, Canada, Japan, Australia, and Singapore. Using technology as a bridge, we have built a digital, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centered on small, medium and micro enterprises. By cooperating with well-known multinational banks and financial institutions, we build a global multi-currency unified settlement platform at the multinational group level, allowing small, medium and micro enterprises to enjoy the same level of cross-border financial services as large multinational groups.

In September 2021, XTransfer completed Series D financing, amounting to approximately US$100 million, led by D 1 Capital Partners.

Looking for Sunshine Speed

SUNRATE was founded in 2016 and is headquartered in Shanghai. It is a digital global payment and exchange rate management enterprise service company, focusing on providing digital global services to corporate customers such as general trade, cross-border e-commerce, and online travel. Payments and financial management.

Manage solutions.

Currently, it has branches in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta and London, helping companies conduct business in 130 countries. We are committed to helping enterprises realize the digitization of global payments, and provide enterprises with more resource support through highly adaptable financial management solutions, so that they can focus on the development of their core business and easily conduct global trade. While reaching strategic cooperation with international banks such as Citigroup and Standard Chartered, it has also become a MasCard organization members of terCard and Visa continue to provide one-stop digital services to tens of thousands of companies around the world.

In December 2021, the Series C financing was completed. This round of financing was led by SoftBank Asia Venture Capital, followed by Banyan Pacific Capital (BPC), TDF Impact Investment and other institutions. Old shareholders Red Dot China, JAFCO Asia, Hua Chuang Capital and Xianfeng Evergreen also participated in this round of financing.

PayerMax

Launched by Eggplant Technology in 2020, PayerMax is a cross-border payment platform that provides one-stop payment solutions, focusing on emerging markets.

PayerMax continues to make breakthroughs in emerging markets around the world. In the first half of this year alone, it has obtained multiple payment licenses in countries such as Thailand and the United Arab Emirates, providing smoother cross-border receipts and cross-border withdrawals for global enterprises. , subscription payment, merchant account management, and multi-scenario access services. At the same time, PayerMax has also obtained PCI-DSS certification and has a financial-level risk control system to ensure the safety of every fund and comprehensively prevent transaction risks. Currently, PayerMax supports more than 350 payment methods and more than 30 currencies around the world, and its business covers more than 50 countries. It can meet the diverse payment needs of global users and provide one-stop payment solutions for Chinese overseas and foreign enterprises.

In September this year, it officially obtained a payment system operator (OPS) license from the Philippine Central Bank.

Tutuo Digital Technology

Tutuo Digital Technology (Beijing) Co., Ltd. was established in 2020 and is committed to providing efficient, reliable and low-cost solutions for the entire industry ecological chain including cross-border e-commerce merchants, enterprises, platforms and financial institutions. Comprehensive fintech products and solutions at low cost.

With more than 10 years of cross-border payment experience, it has gathered practical experts with rich experience in various fields such as mobile Internet, cross-border e-commerce, cross-border payment, and security risk control. Build an ecosystem of "scenario financial institution users" and use cutting-edge technologies such as international leading big data and artificial intelligence to establish a global big data intelligent risk control system, international payment technology system and customer operation evaluation system, with more than 200 customers around the world countries and regions. As one of the first members in China to join SWIFT, the Society for Worldwide Interbank Financial Telecommunication. Obtained certifications from multiple authoritative organizations in the fields of payment, finance and data security.

In August 2023, tens of millions of yuan in Series A financing were completed, invested by Dewu Capital. This round of financing will be used to accelerate the layout of cross-border B2B risk control and underlying technical capabilities to further meet the payment and financial technology needs of small, medium and micro enterprises for cross-border overseas transactions.

iPayLinks Ai Beiying

iPayLinks was established in early 2015 and is headquartered in Lujiazui, Shanghai. It is committed to building a world-class cross-border payment platform to help customers develop their global business.

iPayLinks serves customers such as top aviation and travel companies, brand e-commerce, and digital entertainment. The company has successively established operations in Shenzhen, Hong Kong, Singapore, and Malaysia.It has branches in Asia, the United Kingdom, the United States, Dubai and other places, and has the highest security certification of PCI-DSS Level-1 in the international card payment industry and multiple overseas financial payment licenses. Provide cross-border overseas enterprises with global diversified payment methods such as mainstream international credit cards and overseas local payments, and create a one-stop acquiring and issuing system. By digging deep into the industry and focusing on regions, iPayLinks has mature OTA industry-specific payment solutions and is the first domestic financial technology company to obtain a Saudi Arabian service investment license.

Skyee

Guangzhou Gaofu Information Technology Co., Ltd. was founded in 2016 and is headquartered in Guangzhou. Its brand Skyee is the first domestic Euro payment platform, a national high-tech enterprise, one of the top ten payment companies in Guangdong Province, and is also a key government support An innovative cross-border payment collection enterprise.

Skyee has built a global local payment and settlement business covering more than 100 countries. Its business scope covers Asia, North America, Europe and other major regions, and has established branches in the United States, the United Kingdom, Japan, Hong Kong, India and other places. The service products comprehensively cover cross-border e-commerce payment collection, corporate foreign exchange transaction management, global supplier payment, etc. Customize appropriate solutions for different platforms for customers, continuously optimize product functions with the goal of meeting users' various business needs more efficiently, and create a one-stop global fund collection, exchange and payment platform. It provides cross-border settlement services to 100,000 corporate users and has maintained a steady improvement trend. In 2021, Skyee became a member company of Lakala.

In June 2021, Skyee completed strategic financing, and the investor was Koala Fund, an Internet industry investment fund initiated and invested by Lakala.

Qbit

Qbit was founded in 2019 and is headquartered in Hangzhou. It is a financial technology and enterprise services company.

Committed to providing enterprises with a one-stop cross-border fund transfer platform, allowing customers to have a more convenient, efficient and low-cost cross-border payment experience. Driven by technology, based on security and compliance, and combined with cutting-edge blockchain technology, we develop a new generation of cross-border clearing and settlement network. Based on this, we provide global collection, global payment and quantum card services, covering customer funds across borders. meet all aspects of cross-border transfer needs. By building a global one-stop financial infrastructure and empowering customers with technological innovation, we are committed to creating the world's leading efficient, convenient, high-quality and diverse cross-border financial services for overseas enterprises, and opening up global capital flow links for enterprises. Currently, it serves more than 3,000 overseas brand companies, has localized service centers in 4 cities around the world, and has reached strategic partnerships with many well-known banks and financial institutions around the world.

In July 2021, it completed a US$10 million Series A financing invested by Zhen Fund.

Qianhai Oceanpayment

Qianhai Oceanpayment was established in May 2014. It is a professional cross-border payment product platform and Internet financial innovation platform, mainly for cross-border foreign trade, cross-border games, cross-border tourism, cross-border rich media, etc. The industry provides one-stop payment solutions.

By senior experts in the global payment fieldJointly established by technology, risk control and operational experts, it adopts a dual-headquarters operation model in Hong Kong and Shenzhen, and has technical & business entities in the United States, Europe, Australia, and Singapore. It is committed to cross-border foreign trade, tourism aviation, digital games, education and training etc. Internet B2C (B) e-commerce model provides global digital payment technology solutions and services. It has the highest level of security certification in the global financial industry, PCI DSS LEVEL 1, Visa and other certified service provider or acquirer qualifications, and Google Pay and Apple Pay PSPs certification. It is the only Fintech company in China that has full licenses for global digital payment technology and business qualifications. It has long-term strategic cooperation or business relationships with nearly a hundred international financial institutions, supports more than 500 payment products around the world, covers more than 200 countries and regions, and serves hundreds of thousands of global e-commerce websites. Through the scenario-based use of new technologies such as AI and Big Data, we will continue to improve consumer payment experience and merchant revenue security.

In May 2015, it completed the Pre-A round of financing from Cornerstone Capital, with a valuation of nearly 200 million.

WorldFirst Wanlihui

WorldFirst was founded in London, UK in 2004 and has been committed to providing better cross-border payment and collection services to small and medium-sized enterprises around the world. In 2019, it was acquired by Ant Group for approximately US$700 million. Relying on the global ecological cooperation network in the cross-border financial field, it provides a richer range of product solutions and financial security.

Wanlihui's current main businesses are: international remittances, foreign exchange options trading, international e-commerce platform collection and foreign exchange settlement. It has 18 years of cross-border payment experience, and operates in mainland China, Hong Kong, Singapore, the United States, the United Kingdom, Canada, and the Netherlands. , Australia and other countries and regions, or through cooperation with local licensed institutions, they have the qualifications for global exhibitions, providing a solid guarantee for the security of customer information. It has offices in 19 cities in 8 countries around the world to provide more localized professional services.

PhotonPay

In November 2015, Shenzhen PhotonPay Technology Co., Ltd. was established and launched PhotonPay, a global innovative platform that highly integrates cross-border payment and international financial technology.

Through a globally integrated compliance and risk management system, we are committed to providing safe, compliant, efficient, convenient, and low-cost cross-border collections, global payments, foreign exchange services and supply chain financial services for Chinese cross-border e-commerce sellers. Its business covers Asia, North America, the European Union, the United Kingdom and other major regions. It holds financial services licenses issued by financial regulatory agencies such as the United States (MSB) and Hong Kong (MSO). It is committed to building a global collection and clearing settlement network to assist China's cross-border trade. Truly global access. As a global innovative platform that highly integrates cross-border payment and international financial technology, it has more than 100,000 cross-border corporate partners, handles more than 60 currencies, and covers international payment services in more than 150 countries.

Jianmi Ping

Jianmi Ping is Shanghai Jianmi NetworkAn aggregation payment brand under Technology Co., Ltd. The company was established in 2014.

Providing payment services to more than 10,000 merchants, it is a leading third-party payment solution provider in the To B field. In June 2016, the paid version of the enterprise-level aggregated payment cloud service was officially launched, and in October it obtained the PCI certification issued by the Payment Industry Security Standards Committee. By building a payment processing platform in the cloud, merchants can centrally process transaction requests from required third-party payment channels and provide a unified SDK interface for merchants to call, thereby greatly simplifying the docking process with mobile payment channels and consumption installment channels. Merchants do not need to Build an additional dedicated payment processing system. The multi-level merchant system provides profit-sharing models and a fully open profit-sharing API for platforms, agents, and distribution forms. Platform merchants can easily manage transactions and accounts across the entire platform, and efficiently achieve multi-level merchant account clearing. Accurately matching the depository products of multiple banks to help the platform cater to supervision and avoid "second clearing".

In early 2016, it received US$10 million in Series B financing led by Broadband Capital.

Gleebill Dingfu

Gleebill Dingfu was established in 2016. It is a wholly-owned subsidiary of Shenzhen Dingfu Information Technology Co., Ltd. carefully built for China's cross-border e-commerce. It is a company that focuses on providing services to China's cross-border e-commerce sellers. A financial company that provides safe, stable, efficient and low-cost global cross-border payment solutions.

The founders are from the earliest pioneers in the field of foreign card acquiring in China, and the core management are also senior people from China who were the first to get involved in foreign card acquiring. They have rich industry experience in the field of foreign card acquiring. Dingfu actively expands and develops different banking channels and payment methods. It has established and maintained good partnerships with many domestic and foreign banks as well as VISA, MASTER, JCB, AE and other international credit card organizations. After continuous integration and innovation, we have developed and launched various payment functions such as international card payment, virtual account payment, pre-authorized payment, quick payment, card-less payment, etc. We have also successively launched system function customization services to meet the characteristics of different merchants. need. It provides cross-border payment solutions through Internet technology and financial innovation. It mainly provides one-stop services for cross-border e-commerce sellers to collect payments, settle foreign exchange, and withdraw cash on overseas e-commerce platforms in North America, Europe and Japan.

YouWorld by me

YouWorld by me is a cross-border payment platform founded in Shenzhen in 2016. Based on the B2B2C model, it connects overseas merchants upstream and distribution channels downstream. Through independently developed content management, data tracking and The clearing system helps B-side merchants manage and optimize discount coupons, store information and brand content, and distribute them through multiple channels.

Since its establishment, it has launched two products and benchmarked against the American mobile payment giant Square to create a new cross-border payment experience. The user group is very clear, mainly non-local consumers around the world, such as overseas Chinese who have settled overseas. In the early days of its establishment, we developed a purely information-based product based on the shopping and consumption scenario.products to help consumers traveling and settling overseas obtain brand discount information as soon as possible. During the epidemic, the second online payment product - "Pay by Me" was developed and operated on Internet platforms such as Alipay, WeChat, and Ctrip to help Chinese people living overseas complete transactions more conveniently and enjoy certain discounts when shopping. This product brings different conveniences to both consumers and merchants. Consumers can enjoy certain discounts and avoid the inconvenience of carrying bank cards with them.

In September 2021, a US$5.5 million Series A financing was completed, jointly invested by Jinshajiang United Capital and Kunlun Wanwei, with Jinshajiang United leading the investment.

Useepay

Useepay was established in 2019 and is affiliated to Shanghai Yikun Technology Co., Ltd. It is an innovative technology brand in the field of cross-border payments. It relies on new Fintech technology and focuses on the global solution of "no-jump payment" for independent stations. plan.

UseePay's payment success rate exceeds the industry average of 5%-7%; it supports 100 transaction currencies and 10 settlement currencies. It aggregates 6 major international credit cards and a variety of localized payments. At the beginning of its establishment, the company obtained the highest security certification of PCI-DSS Level-1 in the international card payment industry. At present, UseePay supports a variety of payment methods such as mainstream international credit cards, overseas localized wallets, and overseas convenience stores, and is actively building other comprehensive payment service capabilities such as online payment, corporate wallet, global collection, and batch payments to serve customers covering cross-border e-commerce. business, aviation, hotel tourism, transportation, digital entertainment, software, education and other industries. We are committed to deeply cultivating and exploring customer industries, integrating industry resources, and creating a one-stop comprehensive service platform integrating cross-border marketing, cross-border logistics, cross-border payment, etc., to assist customers in all-round business development.

PayEase

PayEase was founded in 1998 and is headquartered in Beijing. It is committed to building Huitong's global and leading international payment platform to provide merchants with better and safer payment and clearing services. .

It is China's first multi-functional online payment service platform that provides online transactions for a variety of bank cards across banks and regions. It is directly connected to 23 national banks and China UnionPay's core payment system, and supports bank cards issued nationwide and globally. International credit cards, including Visa, MasterCard, AE and JCB's online payment, can provide e-commerce companies with customized electronic payment solutions for the Internet and mobile Internet. Capital Easy Pay occupies core enterprises such as Apple, Amazon, and Shopify. It was issued a third-party payment business license in 2011, a pilot license for cross-border foreign exchange payment business in 2014, and a pilot license for cross-border RMB payment business in 2015.

In November 2006, it raised US$14.5 million. Major investors include China Economic Cooperation and Development Co., Ltd., Capital Information Development Co., Ltd., as well as individual investor Fang Guojian, chairman of Taiwan Maibao.

Beepay

Beepay was established in Hong Kong in December 2016is a technologically innovative financial enterprise.

Access the inter-bank foreign exchange market through cutting-edge technologies such as intelligent algorithms and big data analysis, use automatic routing algorithms to open up the global payment network, and adopt stringent anti-money laundering risk control measures to monitor transactions to provide cross-border enterprises with high-quality collection and exchange services. compliant financial services such as foreign exchange and cross-border settlement. It mainly targets major e-commerce export trade sellers located in China, including platform merchants and independent websites, and provides financial products and services including cross-border collection, foreign exchange transactions, foreign currency payment, RMB payment, and trade financing.

In March 2019, Linear Capital completed tens of millions of yuan in Pre-A round financing.

Yisihui

In March 2019, it completed nearly 100 million yuan in Series B financing from Xinzhongli Investment.

Related questions and answers: The third-party electronic payment platform refers to ( ).

A

㈣ Keyfan Exchange, has it really run away?

KeyFan Cryptocurrency Exchange was established in 2018 and is a company dedicated to providing virtual currency trading and investment solutions. Multinational technology companies. We have branches in Thailand, Malaysia, and the United Kingdom, and an operations center in Shanghai, China. Keyfan now has more than 200 employees from the United States, the United Kingdom, Japan, China, Thailand and other countries, and has competitive products such as KeyFan digital currency exchange and KENT electronic currency wallet.

The market competition landscape is highly fragmented. Market players are focusing on partnerships, product innovation, R&D, and geographical expansion to strengthen their market positions. For example, in March 2019, Circle Internet Financial Limited completed the acquisition of the equity crowdfunding platform SeedInvest. The acquisition aims to provide a token marketplace that allows individuals and businesses to raise funds and interact with investors through open crypto infrastructure.

A traditional stock exchange involves a lot of bureaucracy and stages, so it takes three days to process. However, the decentralized nature of blockchain technology in banking eliminates unnecessary middlemen and enables transactions to run on computers around the world. At the same time, blockchain helps improve performance by reducing information redundancy in transactions. Various financial service providers use blockchain technology to enhance their stock exchange processes. For example, in January 2021, Japan-based SBI Holdings partnered with Sumitomo Mitsui Financial Group to launch a digital stock exchange in the country by 2022.

㈤ What does blockchain mean and what are its applications in cross-border payments

Why is it said that the Internet era is coming to an end and the blockchain era is coming?

Once the blockchain develops, more innovations will burst out. Since the birth of Bitcoin, the first product of the blockchain, many innovations have been born. For example, small-amount cross-border payments, recording currencyTransfer transactions between places, record various stocks, register house property rights, record program codes, etc.

The steam age liberated social productivity, the electrical age revitalized social collaboration capabilities, the Internet age connected the world, and regions The blockchain era will allow us to truly achieve freedom.

㈥ VISA and IBM launch the "Visa B2B Connect" blockchain digital identity solution to make credit card transactions safer

The digital identity solution jointly developed by VISA and IBM will store sensitive business data. Bank details and account numbers, for example, are tokenized and given a unique cryptographic identifier for use in transactions on the platform.

This article comes from the cooperative media Juheng.com, reprinted with permission from INSIDE

According to foreign media, Visa, a multinational financial services company headquartered in California, will cooperate with IBM in 2019. In the first quarter of this year, a cross-border payment digital identity verification system using blockchain technology was launched.

The system, called VisaB2BConnect, will provide financial institutions with digital identity solutions based on blockchain technology and provide secure cross-border payment processing. According to reports, the system tokenizes sensitive business data, such as bank details and account numbers, and assigns them special cryptographic identifiers for use in transactions on the platform.

Kevin Phalen, Visa’s head of global business solutions, said the system will help improve fraud. "B2BConnect's digital identity recognition system greatly reduces the risk of fraud that may occur in checks, collections and wire transfers today, while also helping companies comply with financial regulations and become part of a regulated financial ecosystem."

From a technical point of view, the solution will integrate the Hyperledger Fabric architecture (led by Linux and developed with input from IBM) and Visa's "core assets". The company said it will build a scalable network and use it for its finance department.

Jason Kelley, general manager of IBM Blockchain Services, said the system is "one of the most powerful examples of blockchain technology changing payments to date." He said: "When the payment and financial services technology fields When leaders in the industry work together to develop open source technologies, the entire industry benefits, and the IBM Blockchain Platform and Hyperledger technologies are delivering real business value."

Based on the 40-year relationship between Visa and IBM, this Seems like a natural progression, underscoring both companies’ commitment to ensuring a flawless cross-border payments experience and maximum security, trust and transparency in financial transactions.

㈦ What is blockchain technology and what areas it may be used for in the future

The development of technology is often beyond your imagination, from the agricultural revolution to the industrial revolution to the information revolution, and now the blockchain revolution has begun. Reaching the height of the cognitive revolution should be considered a relatively big proposition. Why did the previous emergence of the Internet, big data, artificial intelligence, etc. not mention the cognitive revolution, but blockchain can?

How to quickly enter the blockchain industry?

1. Find the top experts in this industry and learn or communicate with them, such as Li Xiaolai, such as Uncle Cai

2. You can buy some books. News books are not as mixed as Taobao. There are only a few classics, choose a few and read them through

3. You can search for more related articles, public accounts, Zhihu or other, which are very informative. You can find yourself after reading 30 high-quality articles. Article, you are basically getting started.

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