IBM and Bank of Tokyo-Mitsubishi UFJ Develop Blockchain-Powered Contract Management System
IBM announced that it has signed a contract with the Bank of Tokyo-Mitsubishi UFJ (BTMU) to apply blockchain technology to the design, management and execution of contracts among business partners. The first pilot projects will automate business transactions between the two companies. The BTMU, a member of Mitsubishi UFJ Financial Group Inc. (MUFG), is....
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Technology giant IBM has signed a contract with the Bank of Tokyo-Mitsubishi, Japan’s largest bank, to develop and implement a blockchain based on smart contracts among business entities. The Hyperledger Project, an open-source blockchain platform led by the Linux Foundation will see its deployment in a new partnership between IBM and the Bank of Tokyo-Mitsubishi UFJ (BMTU). The two companies will build on a prototype that sees smart contracts on a blockchain used in multi-party business transactions to improve accountability and efficiency of service level agreements. An initial pilot....
Bank of Tokyo-Mitsubishi UFJ and IBM will be jointly deploying a blockchain based product built on Hyperledger protocol in 2017. The Hyperledger project is bearing fruits. Two participating companies in the Hyperledger Project, IBM and Bank of Tokyo-Mitsubishi UFJ have signed a contract to develop and use blockchain technology. A press release in this regard, issued by IBM, states that both the companies will be working together on automating inter-business transactions from next year. The project, built on Hyperledger Project Fabric – a Linux Foundation initiative will be implemented on a....
Bank of Tokyo-Mitsubishi UFJ (BTMU) intends to begin managing its contracts on a blockchain-based platform. Built on technology provided by the still in-development Hyperledger project and the design services of IBM, the two companies revealed today that the platform will manage service level agreements between BTMU and other third parties, starting first with IBM. According to a release, IBM and BTMU will first trial the service by transacting with each other over the platform. BTMU intends to ultimately migrate to the new contract management platform by the end of fiscal year 2017. IBM....
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....
Beginning in April, the electronics giant and university R&D team will evaluate and tweak the new trading system's performance before commercialization. Mitsubishi Electric has teamed up with researchers from the prestigious Japanese university, Tokyo Tech, to jointly design a blockchain-based trading system that can support more flexible, peer-to-peer energy trading.Announced on Jan. 18, the new system is intended to support the efficient use of surplus electricity that is generated from renewable energy sources. In particular, it is hoped that the trading system can ensure that at any....