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SBI Ripple Asia, the Japan Payment Card Consortium which includes nine credit card issuers as members, has announced a collaborative proof of concept (PoC) to combat fraud using blockchain technology.
The Japanese Payment Card consortium, including American Express (Amex), Credit Saison and Toyota Finance with two other payment card technology providers, will work with SBI Ripple Asia on the PoC that should be reached on Corda, a blockchain platform owned by R3.
The joint PoC will prevent the damage caused by fraudulent transactions by allowing real-time sharing of data between the parties via blockchain.
SBI Ripple Asia is a joint venture managed by SBI Holdings and Ripple, a blockchain startup focused on cross-border remittance. The company was founded in 2016.
In the meantime, the selection of Corda, according to the source, is based on the fact that it has the privacy and security of the data set.
The press release stated that the data in the system must be "shared only with those who" need to know "."
The companies involved will have a Corda node each, while they are expected to reach their personal security policy, but the sharing of data between these nodes is guaranteed by Corda.
While TIS, a renowned Japanese IT company, 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.
In the PoC phase, information must be shared between participating card companies, however, according to SBI Ripple Asia, data sharing will be extended to other entities such as payment service providers (PSPs) and merchants in the near future.
Meanwhile, Hewlett Packard Enterprise (HPT) DLT (Mission Critical Distributed Ledger Technology) is selected as a safe and reliable host environment where the new PoC tests will be performed.
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