Visa has just announced it has partnered with IBM ahead of the commercial release of B2B Connect, its DLT-powered world financial payments platform.
At its anticipated roll out in the Q1 next year, Visa will have merged its significant assets with the proprietary IBM DLT Platform, which IBM developed using open-source ETH blockchain (DLT) technology.
B2B Connect Tokenizes private information, such as customer data and account numbers. It then produces sui generis identifiers that commercial enterprises can use to ease world payments on the exchange platform.
Visa thinks that its blockchain ecosystem can decrease chances for fraud when processing world remittances, and give those that adopt it high odds of staying compliant with new and upcoming government regulations.
Visa reveals B2B Connect is a "scalable, permissioned network," but whether or not the admittedly infant technology is really scalable is yet to be demonstrated and proven.
Recall, several businesses still can't deduce how to scale their DLT solutions.
Visa has long been pimped as Bitcoin's arch-nemesis. The differentiation in transaction speeds throughout the two networks have been annoying for a long period of time, and will most likely go ahead for a long time to come.