SBI Ripple (XRP) Asia, American Express, Toyota Finance Announce Joint PoC - Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
Connect with us

Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

SBI Ripple (XRP) Asia, American Express, Toyota Finance Announce Joint PoC

Sbi Ripple Asia The Japan Payment Card Consortium

Blockchain

SBI Ripple (XRP) Asia, American Express, Toyota Finance Announce Joint PoC

SBI Ripple Asia, the Japan Payment Card Consortium which comprises of nine major credit card issuers as member, have announced a collaborative proof of concept (PoC) to fight fraud using blockchain technology.

The Japanese Payment Card Consortium, among which we have American Express (Amex), Credit Saison and Toyota Finance with two other payment-card technology providers will work with SBI Ripple Asia on the PoC expected to be achieved on Corda, a blockchain platform owned by R3.

The joint PoC will prevent damage wrought by fraudulent transactions by enabling the real-time sharing of data between parties using blockchain.

SBI Ripple Asia is a joint venture managed by the SBI Holdings and Ripple, a blockchain startup focusing on cross-border remittance. The venture was established in 2016.

Meanwhile, the selection of Corda, according to source is based on the fact that it has data privacy and security set-up.

Also READ  Could Ripple (XRP) Adoption Take A Faster Hold In The US As Trade War With China Looms?

The press statement stated that the data in the system is to be “shared only with those that have a ‘need to know’.”

Companies involved will have a Corda node each, while they are expected to achieve their personal security policy, but the data sharing among those nodes is secured by Corda.

While TIS, a respected Japanese IT firm, is part of the R3 consortium. The IT company will develop a secure and scalable information sharing system for the PoC on the Corda platform.

At the PoC stage, Information is to be shared between the participating card firms, however, according to the SBI Ripple Asia, the data sharing would be extended to other parties like the payment service providers (PSPs) and merchants in the nearest future.

Also READ  Ripple CEO: I Don’t Believe Bitcoin (BTC), Ethereum (ETH), XRP Will Replace Dollar

Meanwhile, Hewlett Packard Enterprise (HPE)’s Mission Critical Distributed Ledger Technology (DLT) Lab is selected as a secure and reputable host environment where the testing of the new PoC would be done.

Freddie is a professional journalist and feature writer. He participates on various movements that enable communities to initiate more in-depth understanding on essential topics. Now, he's part of the crypto writers pushing for mass adoption in Luxembourg with their writing and expertise.His views differentiates the effects on society's day to day life. He is now a full-time contributor to TODAY'S GAZETTE.Email: freddie.miller@todaysgazette.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Blockchain

Advertisement
Join Us On Telegram1
Advertisement

Submit Press Release

Advertisement

Facebook

Press Release

To Top