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Japanese Banks Trial Inter-Bank Blockchain-Based Transaction Settlement

31 October 2018
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.

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.

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