Japanese Banks to Test Blockchain Money Transfers Blockchain Using Digital Currencies
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....
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The Japanese Bankers Association (JBA) is working toward the development of a common blockchain platform for the country’s banks to begin trials of core banking processes including money transfers. The JBA is essentially an association that represents and works on behalf of 252 member institutions that are either headquartered or operate with branches in Japan. The association includes full member banks, bank holding companies, bankers’ associations and associate member banks that include nearly 50 foreign banks with a presence in Japan. Notably, the JBA is also the operator of the Zengin....
Three of the biggest banking corporations in Japan have partnered bitFlyer, Japan’s biggest bitcoin exchange to test the viability of domestic money transfers over blockchain technology. The banks discovered that money transfers over a blockchain were just as fast, if not faster compared to traditional money systems. In a report today by regional publication Nikkei, few details have been revealed, about the banks-led blockchain tests including the crucial snipper of whether or not the distributed ledger used was, in fact, the bitcoin blockchain. It’s merely speculative, due to the....
Japanese banking giant Mizuho Financial Group and technology firm IBM have announced a partnership to test blockchain technology used in settlements with virtual currencies, using code from the Linux Foundation-led Hyperledger project. Mizuho Financial Group, a prominent Japanese banking group that is notable for its blockchain-based endeavors with previous efforts such as a partnership with consulting firm Cognizant to build blockchain solutions for record keeping has revealed a new blockchain project with tech giant IBM. In a recent announcement, the Japanese financial group revealed a....
American multinational financial services corporation, Visa, is inviting lenders to test its interbank transfer system that sends money over a blockchain. Visa’s New Blockchain Project. Hendrik Kleinsmiede, co-founder of Visa’s innovation hub, Visa Europe Collab, said in the announcement that the project is designed to “reduce the friction of domestic....
Japanese banking group Mizuho has completed a blockchain test focused on cross-border securities settlement. The test used the Open Assets Protocol, a commonly deployed implementation of colored coins that provides an added layer of functionality to the bitcoin blockchain. Using Open Assets, bitcoins can be specially marked to represent other assets on the blockchain. According to an 8th March press release, the test included the participation of Japanese IT giant Fujitsu, including its research and development arm Fujitsu Laboratories. The participants said that the test, which took place....