Japanese Banks announce a trial basis on blockchain use
Fujitsu one of the leading Japanese IT developers announced via press release that is was selected to the position of the application development vendor for a small trial that will utilise created digital currency probably cryptocurrency in order to try out a number of monetary transactions on a small scale and will utilise the settlement of that money in real time. The trail is attempting to see how viable the technology seems to be in the real world as well as see how well it performs and if it is secure enough to work.
The banks involved in the previously mentioned network are forming the Japanese Bank clearing network otherwise known as the Zengin-net and include two large banks called the Muzuhi and the MUFG. If you would like to read more about Fujitsu builds blockchain visit this article.
Building the System
In specifics Fujitsu as a company will not only be building but also provide a place for the trial of the blockchain framework to be used. Along with that it will attempt to see how useful the peer to peer system of moving money which will be was actually developed by Fujitsu in 2017 at the same time as 3 other Japanese banks. The attempt at seeing how well it works is done using a platform for the blockchain framework which is based on cloud technology and it uses that framework along with a mobile application.
Amongst the multiple methods it has used to explore blockchain Fujitsu has also formed associations with different associations such as the Japanese Bankers Association or JBA and allows a place which has been built with the technology of the Hyperledger Fabric and these banks could realistically attempt to use them and perform methods to test the practical applications for this technology for the businesses.
Finally, it has also launched the ready and present consultancy service for blockchain related issues in July and claims that this service will be able to produce and deliver viable usable products in as little as 5 days. If you would like to read more about Fujitsu new banking partners visit this article.
Conducting the Trials
Fujitsu has not only announced the agreement itself but the trials themselves that will be conducted under this area will be of a different type compared to the normal ones that exist currently in the market. This can include trial of money transfers that are peer to peer and utilise blockchain technology. The trial has already been stated to begin operations in January 2018 and it will have a period attached to it around 3 months.
The development of this system for trial has already been initiated and will eventually be released. The trial will be done when Fujitsu will end up developing a blockchain area in the cloud-based platforms whereby the money can be transferred between individuals and the three most major banks that have initiated this process will be reaping the most benefits as initially on transfers in between the four of them will be possible realistically. This also includes a smartphone application that will allow the process to become much more streamlined and better and this will allow people to better understand the overall process at the same time. This will include the options for sending money, checking receipt of money and withdrawing and depositing money as well. The three bigger banks will be working towards attempting to properly verify whether or not the system will be able to link the account in ways that will be accessible to individuals and the real-world bank account of the person will be linked to it as well.
The trial will also be responsible for confirming if or not the platform will be able to realistically handle the amount of processes and traffic that will be going through it. This includes the transfer of money in between different accounts for people and also will allow for the understanding of the processes of clearing etc. Convenience is a major reason why this platform exists, and this is because the use of money is steadily being removed and it is being replaced with cashless systems.
The system of the field trial that will be implemented in end looks like the following:
- Setting period of trial
- Setting Goal
- Developing the system of the trial
- Implementing the trial system
Evaluating the success of the system through points such as:
- Whether or not the process was seamless and proper as was promised and advertised.
- Use of bank accounts was actually proper
- Whether or not it was operationally and conveniently practical to use
- Accuracy and reliability of the operations
- Safety with which the accounts of the users will be treated.
- Whether or not seamless and proper clearing and settlement is possible within this system.
The trial itself will be conducted by a third party to provide objective and understandable views for the network itself. The group is called the Zengin-net and it is responsible for the operation of a large network of banks which all work towards the transfers of funds domestically. If you would like to read more about Fujitsu partners with 9 Japanese banks visit this article.
Earlier in the same year the company had announced that it would be launching a points-based system whereby rewards would be provided and give incentives that would be based within the sector of retail. The company is also presently working with the network of Blockchains called IOTA for a long time and its association has allowed it to make IOTA the new protocol as well. This is in the case of audit trails in the process of production within the environment and it also implies that the company has been working to make its use much more prominent.
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