Will Blockchain beat VISA someday? - page 3.

DeltaX

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Quote from: mainthread on January 06, 2019, 10:33:47 AM

Quote from: Abiky on January 02, 2019, 01:29:16 PM

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

If the blockchain proves its viability and can provide great benefits, then I have no doubt that VISA will be able to develop its blockchain and continue working. Why should blockchain kill this system? This is just technology and it will be used if needed.

Lol you have been giving a vague statement regarding the possibility for visa to create its own blockchain. It's easy for them to pay a lot of blockchain experts to create a new one for them all. Remember when you are seeing the fact that visa has been thinking to create its own one after seeing a lot of companies have tried that before

Saugani

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I guess right, it not enough with the lighting bitcoin it’s so far and difficult to achieved in comparison with a VISA. Possible successor to next among the combinations of blockchain and high-scalability on TPS, currently any some developer but isn’t yet incomplete except RIPPLE as centralization.

I hope, great ideas VISA become more suitable the adoption with blockchain than of transactions

mainthread

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Quote from: Abiky on January 02, 2019, 01:29:16 PM

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

If the blockchain proves its viability and can provide great benefits, then I have no doubt that VISA will be able to develop its blockchain and continue working. Why should blockchain kill this system? This is just technology and it will be used if needed.

chanler

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If we are talking about some day, it may be, but not clear when will happen.
But if we are talking about some recent years, I think that it may e difficult to beat the utility of the VISA and replaced by the Blockchain. Now, there are still some companies that can accept the block-chain technology. It may need more trusts again.

Nggedebus

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Quote from: Abiky on January 02, 2019, 01:29:16 PM

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

I think that thing is possible to happen, but i will need time for the people to be able to accept it, since there are many people feeling worried for what happen to the cryptocurrency that are using the blockchain technology.
When the time for everyone able to fully accept blockchain then that will be the day for blockchain to takeover.

ovisovyant1

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The blockchain and VISA have a contradictory system. maybe you use the blockchain for reasons of anonymity, but the VISA itself has a transparent system in terms of identity and some services may require the identity of their users / clients.
So in my opinion the two will not defeat each other

andor.gellenhidi

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One cannot deny fate, because we all understand that BTC has not just appeared like that and it will not disappear anywhere, because today BTC is supported by a huge number of people who today have invested huge amounts of money in it.

samlaode

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Of course, people around the world including those who use Bitcoin or don't use Bitcoin. Some people still know the applications of Blockchain technology are huge and important in life such as education, business, banking. I think it only takes more time Blockchain will replace Visa in banks. Because Blockchain saves costs and manpower management. Maybe 4 years later this becomes a reality and we can dream.

Abiky

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Quote from: dumplingsandsushi on January 03, 2019, 02:44:24 PM

Probably not, that is why people are looking to "3rd generation" blockchains for solutions.
The 3rd generation blockchains aren't actually traditional blockchains at all, but mostly new technology.
Projects like byteball, nano, and iota use very different ways to approach the decentralized p2p open source ledger.

Mostly they have been successful except maybe iota.
Nano at least is fully functional, it is instant, has no fees, and scales infinitely.
Try it, you will never go back to normal blockchain again!

But I don't think this means that blockchain will become obsolete.
There are so many other applications of blockchain tech, just day to day payments aren't practical.

Agree. I believe that the new trend is not Blockchain itself, but rather a Directed Acrylic Graph (DAG) which provides infinite scalability for the world. This solution seems ideal as transactions can be processed instantly and without fees. Cryptocurrencies such as Nano, IOTA, ByteBall, Constellation, Coti, and Hedera Hashgraph, use this innovative technology which is far superior than Bitcoin's blockchain tech.

If such cryptocurrencies become practical within the mainstream world, then they could easily surpass VISA with their infinite scalability. It has been shown in IOTA that the more the network usage and growth there is, the faster the network will be. Which is why, it's only a matter of time before DAG-based cryptocurrencies could rival Blockchain-based cryptos like Bitcoin and Ethereum.

Despite this, Blockchain tech is still the norm these days due to its high-level security and popularity. Cryptos like Bitcoin and Litecoin will be used as a store of value, while DAG-based cryptos will be used as digital cash. Therefore, there's a possibility that in the future, cryptocurrencies could beat VISA and other traditional payment systems with their corresponding technical architectures (either Blockchain or DAG). Just my opinion

manfredmann

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Blockchain is more advance than VISA due to its record that could still be revisited if you are going to miss something in the transaction. The block chain technology is even ideal in integrating to a system to make sure some transparency in every transaction.

haroldtee

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It should actually be more like, will Visa adopt blockchain technology in the long run. I believe it will and one thing we have to understand is that being on the blockchain does not necessarily mean you have to be decentralized by all means, and I believe as time goes on there will be a lot of improvement with scalability, so one way or the other, I feel there is a whole lot that will happen when it comes to integration of most of the payment company with blockchain over time.

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Quote from: Abiky on January 02, 2019, 01:29:16 PM

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

Anything is possible, but here is a question to ponder

Does the blockchain need to surpass visa
or
Does the blockchain only need to meet it's own transaction volume?

Cool

blockman

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Quote from: the1arty on January 03, 2019, 07:53:52 PM

Quote from: blockman on January 02, 2019, 01:33:24 PM

I've read a news about Visa adopting or launching blockchain-based system.

Here's the link (https://cointelegraph.com/news/visa-set-to-launch-blockchain-based-digital-identity-system-with-ibm-in-q1-2019)

I think it will not beat Visa, two will merge as Visa sees its potential.

I am pretty sure it may happen one day.
Visa is taking pretty quick steps to make it happen and they do not want to miss that money train.

There's a sure money with blockchain and crypto's and for sure that they didn't want to miss that chance.

They know what drives the people and money is going in and out with blockchain and crypto's. As for that beating, forget that thing as we will see the adoption going through every year passes by.

the1arty

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Quote from: blockman on January 02, 2019, 01:33:24 PM

I've read a news about Visa adopting or launching blockchain-based system.

Here's the link (https://cointelegraph.com/news/visa-set-to-launch-blockchain-based-digital-identity-system-with-ibm-in-q1-2019)

I think it will not beat Visa, two will merge as Visa sees its potential.

I am pretty sure it may happen one day.
Visa is taking pretty quick steps to make it happen and they do not want to miss that money train.

DanWalker

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I believe that one day it will be so. As a crypto enthusiast I firmly believe that second layer solutions as Lightning network and many others will help BTC to become a standard payment tool for Internet and everyday offline usage. I hope that I'll be able to watch it with my own eyes.

Ini35

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The key to that is the government approval, without which it will be challenging. Blockchain has got a lot of potentials, despite that, it still need some support. As a matter of fact, it is the best, but it's decentralized nature, is what is causing some backdrops. Some banks, most especially epex banks, are considering integrating it into their system, which will bring more enhancement to their works.

UniversityCoin

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Unfortunately, at the moment there are no cryptocurrencies capable of even getting close to the VISA in speed. I hope that in the future there will be such coins.

blockman

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Quote from: Pffrt on January 03, 2019, 12:08:09 AM

Quote from: blockman on January 02, 2019, 01:33:24 PM

I've read a news about Visa adopting or launching blockchain-based system.

Here's the link (https://cointelegraph.com/news/visa-set-to-launch-blockchain-based-digital-identity-system-with-ibm-in-q1-2019)

I think it will not beat Visa, two will merge as Visa sees its potential.

That's what will happen eventually. Most of the traditional system will eventually go with the blockchain system since blockchain is more easier and transparent. Banks are already thinking of utilizing the blockchain and in some cases, they have already started to utilize.

Yes it's possible for many companies but it can't happpen to every companies that we think. There's more to go with these companies and if ever they look into blockchain, they might not broadcast it that they'll start using the technology.

And another thing, it will be a private blockchain so its only applicable to them but its still the technology which they adopted.

dearbesz1219

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Visa and Mastercard have really nice solution for quick international payments. Imagine how fast are the bank transfers. I think that Ripple or Stellar can competite with bank transfers but not with credit card´s transactions.

sexylady13

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Quote from: Abiky on January 02, 2019, 01:29:16 PM

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

Sorry, but what's the point in discussing such possibilities? To try to give hope to yourself? I don't see the point in it anyway because our guessing won't influence the real state of things in the market

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