Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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 âconfirm the viability of blockchain technology,â 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 âdigital currencyâ to make settlements.
According to the release, Fujitsu âwill 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,â adding:
âBy participating in this project, Fujitsu aims to establish a new platform that utilizes cutting-edge technology to help realize a cashless society.â
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 Foundationâs 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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.