Blockchain Payment System
Universities Work Together On Payment System – Shades of Internet Development
Universities Work Together On Payment System just like they did when the Internet was developed by them in the late 1960’s with ARPAnet.
Several universities, including MIT and Stanford, are working together to develop a digital currency network that solves blockchain’s scalability and performance problems before public confidence in the technology erodes.
Funded by a Swiss-based non-profit organization, the cryptocurrency application, called Unit-e, and its blockchain-based payment system is expected to launch in the second half of this year; if successful, it would surpass even mainstream financial networks like Visa’s VisaNet in transactional capability.
This is very similiar to how the Internet was first developed. Universitiy staff and associates worked together to create a common netwok which was in competition with the then exisiting TimeSharing services. None of which exist today.
The question is will propritary systems like VisaNet exist after the public university system is operational. Research shows that well-run companies are most productive, suffer the least loss of sensitive data, and have less downtime of operations if they have good policies in in place.