IT Firm Fujitsu Builds Blockchain Settlement Trial Infrastructure for Nine Japanese Banks

All News All News Except Press Releases Crypto Imported

Japanese IT firm Fujitsu will develop the basis of a trial settlements system using an unknown digital currency to move funds.

Japanese multinational IT equipment and services company Fujitsu will build an interbank settlement platform using blockchain technology as part of a joint project with nine domestic banks, Cointelegraph Japan reported Monday, Oct. 29.

Aiming to “confirm the viability of blockchain technology,” the trial of the platform is being orchestrated by the Japanese Banks’ Payment Clearing Network, also known as Zengin-Net, a press release confirmed.

As part of the development, the platform will use an unnamed “digital currency” to make settlements.

According to the release, Fujitsu “will additionally leverage the P2P money transfer platform it developed in (the) fiscal (year) 2017 with three major banks to generate the money transfers to other banks that will trigger interbank funds transfer settlement,” adding:

“By participating in this project, Fujitsu aims to establish a new platform that utilizes cutting-edge technology to help realize a cashless society.”

The company has been involved in technical blockchain development for some time, last year releasing a tool facilitating faster transactions for Hyperledger Fabric, the Linux Foundation’s enterprise blockchain solution. In June, Fujitsu also launched a blockchain-based data storage system for the tokenization of traditional retail promotional strategies such as coupons and loyalty points.

Japan continues to see various blockchain banking initiatives appear from its major entities, with SBI Group earlier this month debuting a settlement system which uses Ripple (XRP) as its transfer medium.

Source: , CoinTelegraph

Facebook Comments

Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.

The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.

Corrections, feedback, and ideas should be submitted through the website contact form.