Japanese Banks Will Test Fujitsu Blockchain

Dawid Paluch
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Nine Japanese banks are joining forces to develop new blockchain-based interbank settlement system. They will test Fujitsu technology.

 

The IT giant tries to implement the blockchain technology in various ventures. Earlier this year, the company claimed that it could solve problems with smart contracts. Then, there was a blockchain-based data system for retail merchants. In August, Fujitsu teamed up with IOTA to launch proof-of-concept (poC).

 

Interbank settlement system

On Monday, Fujitsu released a statement concerning this deal. The company stated:

“Fujitsu has been selected as an application development vendor for a field trial exploring the potential use of the Japanese Bankers Association’s (JBA) Collaborative Blockchain Platform(1) as a funds transfer settlement system based on blockchain technology.”

 

Japanese Banks’ Payment Clearing Network will conduct the trial, otherwise known as “Zengin – net.”

 

The nine banks included in the trial are:

  • Mizuho Banks
  • MUFG Bank
  • Sumitomo Mitsui Banking Corporation
  • Resona Bank
  • The Joyo Bank
  • THE BANK OF FUKUOKA
  • THE NISHI-NIPPON CITY BANK
  • Sumitomo Mitsui Trust Bank
  • The Keiyo Bank

 

To build the ICT platform

The test will use a special “digital currency” for interbank settlement. Thanks to that, Fujitsu will evaluate the functionality of the new system. If it passes the test, the information and communication technology (ICT) platform will become a new interbank funds transfer settlement system.

How will it work? According to the statement, smooth. After receiving a request from a bank, Zengin – net will issue digital currency to the bank using the settlement platform. The bank can also request from the system to collect the currency. Seems simple.

The IT giant doesn’t clarify how long the trial will take.

 

Image by jejim / shutterstock.com

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