Mitsubishi & Hitachi Trial Blockchain-Based Checking

The Bank of Tokyo-Mitsubishi UFJ and tech giant Hitachi are now working on a blockchain proof-of-concept aimed at e-check management. The prototype system, according to the two companies, seeks to create a digital platform for "issuing, transferring and collecting electronic checks". Nikkei reports that further trials are expected to take place in the coming days, and that a full-scale version could see wider release in 2018. Hitachi said in a statement: "Using the system, BTMU issues and settles checks and some of Hitachi Group companies in Singapore receive the electronic....

Japanese technology conglomerate Hitachi is set to open a financial technology research laboratory in the US that will focus on blockchain applications. The research center will open next month in partnership with its technology innovation division based in Silicon Valley, California. Hitachi indicated that it plans to use the research center as a means to work on initiatives with its customer base. Hitachi operates in a number of industries including IT, consumer electronics and power generation. Hitachi said in a statement: “By establishing the Financial Innovation Laboratory in the....

Mitsubishi UFJ Financial Group (MUFG), the parent company of the Bank of Tokyo-Mitsubishi UFJ, has embarked on a new digital currency trial through one of its subsidiaries. MUFG is conducting the test through a subsidiary called Kabu.com Securities Co, at which employees will be awarded a blockchain-based currency called “OOIRI” in return for maintaining good health. Details posted on the Kabu.com website indicate that the project involves representatives from both that firm as well as MUFG’s innovation unit. The OOIRI currency is said to be tied to the value of the yen and will available....

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....

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....