Interest in blockchain within the financial industry has been increasing over the last two years, but now the world’s largest payment company, Visa, has opened a dedicated development facility in Bangalore, India to explore the possibilities of blockchain, the potential of the technology cannot be questioned.
Significant investment and future success from Visa can be extremely beneficial to the wider industry, and for Visa itself, exploring the potential for efficiency savings that blockchain could bring may change the way we view the entire financial industry.
Read the full story below.
While interest from major banks and financial institutions has given cryptocurrency a higher profile than ever over the last couple of years, and led to a wave of startups utilizing blockchain technology within the industry, it is a whole new level when the world’s largest payment network, Visa, announces its entry into the digital currency environment. Not only does Visa bring obvious financial might in terms of funding for their research, but as one of the most recognizable brands in the world, the benefits of visibility for the digital currency industry is incalculable.
Visa has actually taken the idea of blockchain more seriously than the majority of the financial industry, setting up a dedicated development center in Bangalore, India with 750 engineers to work in tandem with existing research labs in both Singapore and the United States. The focus is intended to be solely on the properties of blockchain and the potential efficiency savings and operational security enhancements that it can bring to Visa’s own activities.
Indeed, Visa has noted that involvement in blockchain is ‘no longer a choice’. It is their certainty that it will become an integral and essential component of the financial industry and how global payment systems function in the future. Visa is intending to expand the research facility yet further, and hopes to reach 1000 engineers working on blockchain research in the near future, showing commendable commitment to the industry.
This kind of investment from a major industry player is a different prospect to much of the activity around blockchain. Startups gaining investment funding is welcome of course, but a major global brand investing so much into its own blockchain system is a sign of confidence in the technology that will boost all aspects of the industry and can be seen as a sign that blockchain and the cryptocurrency industry can be optimistic about the future. The ability of blockchain to reduce operational costs significantly is the reasoning behind this, with the potential savings for a business like Visa being astronomical, and successful use of blockchain by Visa in the future is sure to boost the credibility and awareness of the cryptocurrency industry in general.