Visa have recently filed a patent revealing their intentions to build a digital asset transfer system similar to blockchain technology currently in use. Detailing the role individual nodes will play to create a global network, the platform will make use of digital signatures to safely allow transfer of value.
As outlined in the patent, blocks will be used to store data about assets and new blocks can also be made for new assets. Also implementing confirmations, the platform will allow every member of the ledger to view and accept blocks but only certain nodes will be dedicated as ‘block signers’.
An “asset transfer network” may be a network for providing and/or receiving digital assets. An asset transfer network may provide infrastructure for providing digital assets in “push” messages. An asset transfer network can comprise one or more types of nodes. In some embodiments, digital assets transmitted in an asset transfer network may be recorded in a ledger of transactions. An example of an asset transfer network is a blockchain network, where a ledger of transactions can take the form of a blockchain.
Currently there is no release date for when the project will be released to the general public. However, the potential has been realized as potentially revolutionary as currently international transfer of digital assets often require several intermediates.
To conclude, Visa has officially submitted a patent for a Digital Asset transfer platform which will potentially make use of blockchain technology to facilitate digital signatures being incorporated. More importantly the patent also highlights how the system may be used on a global scale to aid the settlement process. While traditional forms of asset transfer may be forced to use multiple entities and banks to fulfill transactions. the global platform aims to simply this process by essentially allowing end to end transactions.