Tech Bureau’s Mijin Proves a Success in Using Blockchain for Mission-Critical Banking System
Nikkei had, on 14th. April, 2016, published a report on a test carried out by Nomura Research Institute on behalf of a Japanese Bank.
Earlier, Dragonfly Fintech Pte. Ltd., a Singapore start-up company had signed a contract with Nomura Research Institute to jointly create an experiment for a Proof of Concept for this bank using the Mijin private blockchain technology by Tech Bureau which is powered by the NEM technology.
Below are details of the Proof of Concept tests which was published by Nikkei:
- Six nodes were created on a peer to peer configuration
- Blockchain configuration was based on a private blockchain
- A real use case scenario was simulated with 2.5 million accounts created.
- A block time of 15 seconds was configured
- System was stress test to 90,000 transactions per hour
- All nodes except one were shut down to test for performance deterioration
- A vulnerability test was carried out to manipulate a node.
Result Outcome
According to the report, the NEM Blockchain solution withstood all the above tests without any failure. Although the published transaction throughput as claimed by Tech Bureau was 100 Tx/s, the system was only tested to 25 Tx/s successfully, simulating the bank’s requirement. When all except one node was shut down, there was no sign of any deterioration in performance. 2.5 million accounts were successfully generated and created. When a vulnerability test was carried out, the system rejected the node in question.
Conclusion
From the published test results, it appears that the Mijin private blockchain solution based on the NEM technology has successfully passed all the required benchmark tests. The above proof of concept appears to be the first blockchain technology to be tested in Japan successfully for a distributed ledger in a banking scenario.
Related Links:
http://www.dfintech.com/
http://mijin.io/
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