The blockchain has been known for its applications in payment and the financial industries. Its use in particular environments such as payments has become its major selling point as Visa announced details on a upcoming blockchain payment service which was in development with the Chain company.
The transparent nature of the blockchain platform and instant payments possible makes it ideal for business looking to fill invoices and serve customers in real time. Chain and Visa partnership goes way back to initial funding rounds the startup held which Visa participated in, so the projects may have been in development a considerable length of time.
It has been called the B2B connect as it attempts to offer a real time solution to business payments made via the Visa service.
“The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses. We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”
Considering Visa has remained the market leader in the payments industry, adding blockchain payments to its range of options for business, Bitcoin and other technologies to have a fighting chance for applications on the payments industry.
To conclude the platform which is in development by Visa and Chain, will make business payments faster, efficient and safer. While there is no set ETA it is believed the project will be completed by next year and rolled out.