Visa experts march ahead with new innovative ways to strengthen Web3 & Blockchain

In the present scenario, Visa has deployed a team of professional engineers and researchers who are actively engaged in putting their minds together to closely study matters related to the foundations of the different blockchains. Part of the research and analysis is based on facts related to safety and security, coupled with factors pertaining to upgrade possibilities of upgradation. Also thrown are matters of interoperability in the blockchains, along with all privacy and transparency-related aspects attached to the different protocols. This entire exercise aims to identify the probable cases that are fit for utilization.

According to the Head of CBDC and Protocols at Visa, Catherine Gu, the game plan is to assist their partners and associated clients in carrying out further and more advanced innovations. In their opinion, therefore, the need of the hour is for them to search for the various ways and means of applicable technologies to add to the overall values of the payment ecosystem. They are presently occupied in enhancing their core activities related to the Web3 framework layers, coupled with the blockchain-based protocols, which help boost crypto development.

In the present scenario, and from the viewpoint of Visa, matters related to blockchain technology and digital assets are nascent. Therefore, their entire focus is to identify ways and means of connecting how the present innovations can affect the movement of money, as on date and shortly. Part of the exercise is also to find ways to ease the user experience and provide the necessary safety and security measures. Overall, the ultimate aim is to create an effective link between the crypto ecosystem and their existing network of clients globally.

Further, In Visa’s understanding, it is a common enough factor for monthly bill payments to be paid through automatic payments. However, this is made easier through a subscription provider. Therefore, Visa is scoring avenues of how exactly blockchain technology can make itself helpful in creating new ways of processing payments in the required manner.

Through a technical piece, Visa suggests writing a smart contract application for a self-custodial wallet. For better understanding, this happens to be a wallet that will be under the user’s control, along with the attached private key. However, this, in turn, will make it possible for the user to set up a programmable payment option that transfers funds from one self-custodial wallet account to any other at fixed intervals without the user being active in every case. 

According to Visa, the solution for this ventures into a concept known as Account Abstraction (AA). In its paper, Visa mentions an example of a new sort of account contract wherein it can allocate the ability to start the process of payment through a user account to a pre-approved auto-payment smart contract. This way, when AA is activated on Ethereum, popular payment procedures are brought to the blockchain ecosystem.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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