Japanese Banks Trial Inter-Bank Blockchain-Based Transaction Settlement
Fujitsu is teaming up with nine Japanese banks, including Mizuho Bank and MUFG Bank, to trial a blockchain-based interbank settlement system. Fujitsu made the announcement on Monday, stating that it had been chosen as an application development vendor in the field trial.
The test will use a custom digital currency to execute small-scale transactions at low cost, using real-time gross settlement. The trial will include performance testing and security testing, as well as gauge the real-world viability of the solution.
Fujitsu will build and provide the new, blockchain-based trial platform and utilize an existing peer-to-peer money transfer platform it developed in 2017 alongside three banks. That trial encompassed encompassed a cloud-based blockchain platform for money transfers between individuals, as well as a smartphone app.
Among its various blockchain trials, Fujitsu also partnered in September with the Japanese Bankers Association (JBA) to provide a platform built with Hyperledger Fabric that banks within the group's ranks could use to test various business use cases for the tech.