Introduction

According to reports, Raj Dhamodharan, the head of Visa’s encryption department, announced a new set of blockchain technology standards during his speech at the Consensius 2023 conference. （CNBC）

Visa Encryption Supervisor Announces a New Standard for Blockchain Technology

Visa, one of the largest payment companies in the world, is known for working on innovative technologies. Recently, its head of encryption department, Raj Dhamodharan, announced a new set of blockchain technology standards during his speech at the Consensius 2023 conference. This article will cover what these standards entail, their potential impact on the industry, and what they mean for consumers.
# Understanding Visa’s New Blockchain Technology Standards
Visa’s new blockchain technology standards are aimed at increasing efficiency, security, and transparency in the payments industry. These standards aim to simplify the process of developing blockchain-based applications that meet the requirements of real-world use cases.
These standards are focused on three main areas:

1. Scalability

Scaling is one of the most significant challenges in blockchain technology. Visa’s new standards aim to minimize this challenge by providing guidelines for developing high-performance, scalable blockchain applications. This will enable businesses to process more transactions per second, providing faster and more efficient payments.

2. Interoperability

Interoperability refers to the ability of different blockchain-based applications to communicate with each other. Visa’s new standards will ensure that all blockchain applications built using these standards will be fully compatible with each other. This will enable businesses to transact with each other more efficiently and securely.

3. Security

Security is of utmost importance in blockchain technology. Visa’s new standards include guidelines for ensuring the security of blockchain-based applications, including encrypting and storing data securely, and verifying the authenticity of transactions.
# Potential Impact On The Industry
Visa’s new blockchain technology standards have the potential to transform the payments industry. The standards will make it easier for developers to create scalable blockchain-based applications that meet the security and interoperability needs of the industry. This could lead to a reduction in transaction costs and faster, more efficient transactions.
Additionally, the standards could make it easier for businesses to adopt blockchain technology. This could lead to increased innovation, reducing the need for intermediaries in the payments ecosystem and, ultimately, driving competition and improving customer experiences.
# What Does This Mean For Consumers?
The new standards will have a significant impact on consumers, too. Consumers can expect to see faster, more efficient transactions with lower fees. Additionally, the increased security of blockchain technology will provide greater protection against fraudulent activities such as identity theft and chargebacks.
# Conclusion
Visa’s new blockchain technology standards are a major milestone in the adoption of blockchain technology in the payments industry. These standards provide clear guidelines for developing blockchain-based applications that are scalable, interoperable, and secure, making it easier for businesses to adopt the technology. Consumers stand to benefit significantly from faster, more efficient transactions and greater protection against fraud.
# FAQs
1. How will Visa’s new blockchain technology standards affect transaction times?
Visa’s new standards are aimed at increasing the speed of transactions by providing guidelines for developing high-performance, scalable blockchain applications.
2. Will these standards have an impact on the fees that consumers pay?
Yes. The increased efficiency of blockchain technology enabled by Visa’s new standards is expected to lead to lower transaction costs and, ultimately, lower fees for consumers.
3. How will these standards affect the overall security of the payments industry?
Visa’s new standards include guidelines for ensuring the security of blockchain-based applications, which will provide greater protection against fraudulent activities such as identity theft and chargebacks.