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.

(By Roxanne Williams)