Visa has released a research document describing how to use state cryptocurrencies to conduct offline payments.
Visa has proposed an autonomous offline payments system for state cryptocurrencies. The document entitled “On the way to a two-level hierarchical infrastructure: an autonomous payment system for the digital currencies of central banks” notes the advantages of state cryptocurrencies. At the same time, the researchers said that when such currencies become available, they can be used without an Internet connection.
The payment giant has proposed a system that will use “open source technology and public key infrastructure” so that transaction messages can be signed without having to connect to the Internet. The proposal describes a protocol that may be developed in the future, but the code for it has not yet been written.
“Recipients will be able to send signed autonomous payment orders to an authorized purse provider with guaranteed settlement for these transactions in order to withdraw money from the autonomous payment system,” the document says.
Autonomous offline payments System “forms a user experience similar to cash payment. But instead of paper in the wallet, there will be bits and bytes in the p h o n e. “
Most large countries are exploring the concept of state cryptocurrency, and some have already begun to implement it. China is actively testing the capabilities of the digital renminbi among the population, Sweden is preparing for the transition to the digital crown in 2 0 2 2, and the Central Bank of the Bahamas launched Sand Dollar in October.