Fujitsu Tech To Power Trial Blockchain Settlement For Nine Japanese Banks

Nine Japanese-based banks have decided to come together to try out an inter-bank settlement system with Fujitsu technology. The announcement was made by Fujitsu in a press release on Monday. Fujitsu will serve as the vendor for the application development for the field trail. They will use a digital currency in an attempt to provide low-cost transfer for small transactions with real-time gross settlement. The trial is aimed at gauging certain aspects of Fujitsu tech like viability, security, performance and real-world application.

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The banks involved make up a consortium known as the Japanese Banks’ Payment Clearing Network aka Zengin – net. It would include MUFG Bank and Mizuho Bank Bank. Fujitsu will build a new trial platform with blockchain technology and use a peer-to-peer transfer platform for the trial. This would be done along with three of the nine Japanese banks. A cloud-based blockchain platform will be used to send funds along with a smartphone app from one individual to the other.

This isn’t the only project Fujitsu is working on right now. Among many other projects, the tech giant is working on a project with the Japanese Bankers Association which it initiated in September. The partnership is aimed at providing a platform that is based on the Hyperledger Fabric that will be accessible to all the banks within the group. They can test different business use cases for the technology. In July, the company also launched a blockchain-based consultancy service that is meant to deliver a minimum viable product within five days after production starts.

About Fujitsu

Fujitsu is a multinational IT company based in Japan. The company provides IT services and technology equipment for interested parties. The headquarters is in Tokyo. As at 2015, Fujitsu ranked as the 10th largest provider of IT services in the world per revenue. Globally, Fujitsu is considered as one of the most admired companies in the world according to Fortune. In recent time, the tech giant has shown interest in blockchain technology and has made moves to promote the industry.

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