Visa Introduces the Visa Tokenized Asset Platform

Blockchain and b2b banking infrastructure seems like a more sensible use case, since the transaction processing infrastructure can be offloaded to the ethereum network instead of the visa’s infrastructure for some kinds of transactions.

What used to take days may now only take minutes.

Unless this is just another avenue for speculative trading…

That’s unless they’re building on an Ethereum rollup, similar to what Sony and Coinbase are doing

The blockchain is decentralized (as far as you can call it decentralized when a lot of stuff is running on well known cloud providers or you actualyy don't know if someone circumvented the staking mechanism and owns more staking server that you know, imagine a state actor like china) but all the assets are not.

You still need the centralized classical PoS system to make sure that these assets are actually lawfully owned by the right people.

Also for plenty of big companies, a decentralized system is dimetral to their standing. I 'trust' visa.

"For example, a bank could automate processes like administering complex lines of credit using smart contracts and use fiat-backed tokens to release payments when payment terms are met." this even reads like a weird joke. Imagine some expert being needed by a smart contract to evaluate if a flat has the estimated value. The expert needs to verify themselve against a system to even be able to add this trusted expertise onto the blockchain. This requires an additional trust anker because again blockchain doesn't add any trust at all and than nothing is left of the original blockchain besides a standardized way of publishing some information decentral.

You could have done this 20 years ago with public/private keys, certificate authority and ah yeah i think you know how our ca system works right? :P

Edit: "There is a growing ecosystem where tokenized real-world assets are being issued across multiple permissioned and public blockchain networks. " thats even a better joke. Cross blockchain transactions are not a solved problem. Peple lost billions due to this... Apparently who ever does this project in Visa has 0 idea what they are doing. Dead on birth

what you’re missing is that its not about an ethos of decentralization, its about the alternatives being inadequate in having a similar platform at all

using standardized public smart contract platforms sufficiently abstracts the level of development needed to maintain these clients and accounts, since the platform and other nodes handle that. the alternative is some other cloud platform, where you have to write everything from scratch and do all the typical dev ops and system design and pay for it all, in smart contract platforms you deploy once and there is unlimited free reading bandwidth and your users pay to write to your application. until that is seen anywhere else, the blockchains will continue attracting developers and their audiences forever

interfacing with liquidity pools and the rest of the infrastructure on smart contract platforms is also part of the benefit

it doesn't matter that you could do this 20 years ago, the frictions towards doing it were too high

not having an ethos of decentralization aside, the reduced friction does rely on the permissionless, transparent, and at least distributed aspect of the public blockchain

they can interact with blockchains that way, you can choose not to use it while still using blockchains your way. who cares if they are using blockchains for a centralized product, organizations have been doing that for 10 years which means the fact you're only triggered now means the permissionless aspect of blockchains is working

> What used to take days may now only take minutes.

A transaction is processed in 2-3 seconds on modern L1 blockchains