Topic: Will Blockchain beat VISA someday? - page 4. (Read 1088 times)

I don't know about VISA but Master Card has his blockchain patent and they will use blockchain to improve his service and lower costs
There are estimates that about 10% of global GPD will be stored in blockchain
It is not about to beat it is about to integrate blockchain ti improve current financial system
Personally i think Visa will has no choice

Bitcoins biggest enemy is places like western union and such. The places that basically sends money from one place to another is the biggest enemy and we are definitely winning the war. There are too many companies moving forward with blockchain technologies instead of using the old methods. Hence I think it is definitely a big chance that one day VISA will lose against bitcoin too unless they start to improve their system with blockchain.

In case VISA and Mastercard improve themselves with blockchain systems than they will not be "beaten" by blockchain but just take part on the revolution instead. Blockchain is not "against" these companies, blockchain is just a new system for them, a better one. If they stop going with legacy system and improve to blockchain they can be part of the crypto world and there is nothing stopping that from happening.

If blockchain technologies will continue develop at the the same pace, than VISA will create it's own blockchain project and continue control their users. I think VISA is looking intently at blockchain.

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.

I am not sure still blockchain is capable of processing millions of transactions per second because in 2017 the number of unconfirmed transactions got too much higher and people need to wait for days and weeks even after paid $100 of fees.

Obviously, the prospects are there with a lot of cryptocurrencies already finding acceptance as payment infrastructures and bills of exchange. Unfortunately, one of the major problems of the cryptocurrency technology is adoption, this is where VISA has covered enormous ground. Blockchain is only just getting started with several economies and population only becoming aware of its existence. Hopefully with time, more adoptions will come into place, elevating the utilization of the technology.

Yes for sure! If you mean transactions speed, it is already happening, because there are so much blockchain that are promising up to 100k TPS and I think during the upcoming year, we would already see first blockchains that are fast enough.

Yes block chain has the capacity to over take Visa but it will take few more years as people want to understand and the usage need to be formal without any restrictions also the entire nation need to Co-operate to get this happen.

Without a doubt, Blockchain would need full support from the government to be able to comply with standards and regulations, the same way VISA does. Once that happens, then Blockchain could go full-steam ahead in becoming highly scalable for the world. With the available technologies today, it's quite possible to design a high-throughput blockchain that would handle anything in its path.

The only reason why traditional payment processors like VISA and PayPal are still used today, it's because they provide convenience not found elsewhere. Given how Blockchain has become expensive and slow due to low scalability, people have preferred such payment processors over it. However, that may change soon as each day Blockchain improves in terms of security and performance for the world. We already have zero-fee blockchains (EOS, Steem, Nano, IOTA) which make borderless payments practical, especially for mainstream businesses. On the other hand, there are also near-instant solutions such as Nano, and IOTA, which allow infinite scalability for the masses.

Nonetheless, even if Blockchain doesn't beat VISA, it could become adopted by VISA to extend its reach to millions of people around the world. This is already happening, which means that Blockchain has already won, and it will be a part of our daily lives in the future. Just my opinion

It seems to me that if VISA had said that it would integrate the blockchain so that in the end it would really be possible to write down all the chains relying simply on the card numbers, that would be very cool.

It is very likewise that visa will adopt Blockchain somehow in the future.. Because, with the rise of new financial blockchain projects, like the current Gigzi, visa and other entities alike will be involved into the blockchain payment system too.. I say Gigzi will make the adoption process easier, because it will be partnered with local Banks to exchange and withdraw from crypto-assets to fiat currency. This is a solid step toward mass adoption and Visa has to follow the technology.

Blockchain relatively recently appeared in our world, but it is developing very quickly.  so I think that technology will be able to overtake Visa in the near future!

Compared to established markets and services cryptocurrencies look very weak, maybe because it is very young, maybe because it is decentralized.

I think that Visa and blockchain technologies are not competitors, on the contrary, when Visa will work on the principle of blockchain is a matter of time. Many companies are cheaper and more reliable to switch to blockchain technology because the quality of their products will become better.

need to process and could make this time for such a VISA. so even though this is good but hope to be able to make it happen it's not easy because of even still many rejections for crypto and also blockchain. but technological developments will not be dammed blockchain slowly began to be shown its existence as a viable technology to use.

It's not about blockchain beating Visa or other existing financial online transactions. It's about how these existing processes such as Visa using blockchain technology. The blockchain technology with its great potential will surely be use by financial institutions once blockchain is harnessed to its maximum capability.

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.

I think the blockchain tech will eventually be adopted by financial institutions. They may even create their own cryptocurrency or agree on using 1 cryptocurrency for global use.

Well, at this moment I see blockchain already surpassed visa in someways, transaction speed, reliability, robustness, and security is the things that I see block chain is way more better than Visa.

Blockchain is the technology were are using and can be much better in every area but comparing it to visa makes me look confuse as blockchain is a mode of payment but cryptocerruncy which use blockchain to run its ledger so cryptocurrecy can be better than visa but the two have both advantage and did advantage and I can see cryptocurrency eating visa with a huge gap as it is very easy and has no barrier in cross bounder payment on like visa which is a very unique ting that will swift the adaptation of cryptocurrency.