MUFG Building Blockchain Proof-of-Concept for Promissory Notes
Blockchain startup Chain has inked a new deal with Bank of Tokyo-Mitsubishi UFJ (MUFG), a partnership that will initially see the two firms working on a blockchain proof-of-concept focused on the exchange of promissory notes. A promissory note is an agreement under which one party promises to pay another at a certain date and time (or on demand) at a specified price. Chain and MUFG will work on a platform for the digitized exchange of promissory notes. Chain said in a blog post detailing the partnership: "The platform simulates an environment where businesses instantly and securely....
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It seems MUFG looks at Promissory Notes as just the beginning of their blockchain exploration trip. Other areas are being explored as well, as distributed ledgers can help improve the market infrastructure and payments in Japan. The financial sector will be among the first to experience the power of blockchain technology over the coming years. Various projects are already underway, and it looks like MUFG is working on a Promissory Notes project with blockchain infrastructure provider Chain. Rather than trying to disrupt the payments industry with distributed ledgers, some established....
The largest bank in Japan (MUFG) and Hitachi Ltd are teaming up to commence their Proof-of-Concept for a Blockchain-based system to digitalize checks and possibly the rest of the banking. The system itself will be used for issuing, transferring and collecting digital checks. The MUFG will be issuing the checks while Hitachi Group companies in Singapore will be collecting and depositing the funds. According to a press release by the MUFG and Hitachi, this will be used to prove the concept. With the Proof-of-Concept, both companies hope that they can find any issues or flaws with the system....
Established in 2019, MUFG’s blockchain payments project GO-Net Japan is shutting down due to low expected profitability. Japan’s biggest financial conglomerate, Mitsubishi UFJ Financial Group (MUFG), will abandon its three-year-old blockchain payment project to focus on other digital and fintech initiatives.MUFG officially announced Tuesday the suspension of Global Open Network (GO-Net) Japan, a blockchain-based project aiming at high scalability and multi-connectivity data processing “in response to the rise of the internet of things.” The project was officially introduced back in....
Is a major Japanese financial institution developing its own digital currency? First asserted in a report by The Asahi Shimbun in February, a number of reports are now speculating that Bank of Tokyo-Mitsubishi UFJ (MUFG), one of Japan’s largest banks by total assets, is working on its own digital currency, named MUFG coin. As reported by The Asahi Shimbun today, MUFG coin is expected to become available in late 2017, a release that would allow users to withdraw digital currency from its ATM network onto a mobile device. The news source wrote: "Under the planned system, users can....
Back in February, the Bank of Tokyo-Mitsubishi UFJ (MUFG) announced its own cryptocurrency with similar attributes to Bitcoin. Now the firm has confirmed that experiments are currently taking place. Mitsubishi Wants Its Own Blockchain Solution. According to the Asahi Shimbun newspaper last week, Mitsubishi plans on unveiling the currency next year. There....