The Japanese Bankers Association (JBA) has selected Fujitsu as the application development vendor for carrying out a field trial. The association is conducting this trial to explore the potential uses of its Collaborative Blockchain Platform which is a blockchain technology based funds transfer settlement system. The Japanese Banks Payment Clearing Network aka Zengin-net will conduct the trial for JBA. This network comprises nine banks that together form a consortium. Out of the nine banks that form the consortium or Zengin-net, the prominent names include MUFG Bank and Mizuho Bank.
The board of directors will participate in the field trial which uses a dedicated digital currency for interbank settlement and for evaluating the system’s functionality as a remarkable new economical interbank funds transfer settlement system that will be ideally used for real-time gross settlement and small-scale transactions. The participants will also confirm the blockchain technology’s viability during the trial.
As an application development vendor, Fujitsu will play a major role in this entire experiment by providing and building ICT platform for the trial including building the new interbank settlement platform backed by blockchain technology. Fujitsu developed a P2P money transfer platform in fiscal 2017 with three major banks for generating money transfers to make interbank funds transfer settlement possible. Fiscal will leverage this platform with the new system of JBA.
By being a part of this project Fujitsu intends to form a new platform that makes use of cutting-edge technology for establishing a cashless society, Fujitsu official site reported. In a press release, the company announced that the field trial will use a custom virtual currency for conducting a trial to achieve low-cost transfers.
In September, application development vendor partnered with JBA for providing a platform created with Hyperledger Fabric that conducts transactions within the group to test various business use cases for the technology, CoinDesk reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]