Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform developed with the assistance of blockchain startup Chain is also designed to ensure secure, yet transparent payments between enterprises.
One under emphasized area of blockchain/bitcoin could be its tendency to make banking simple. Its like those "for dummies" books. In theory anyone could set one up and establish an international banking system. As bolded in the article above, this should eliminate middle men from the equation which might result in reduced cost of banking, more features and reliability.
Some have noted how technology and the internet have produced some negative effects in society. Jobs have been automated or outsourced. Perhaps blockchain is an upside to technology and the internet in terms of bitcoin & crypto producing jobs, creating new industries, giving more options and financial power to the people where it may be needed most.