Largest Bank in Japan (MUFG) Plans Blockchain Payment System by 2020

Largest Bank in Japan (MUFG) Plans Blockchain Payment System by 2020

Blockchain News
May 23, 2018 by Sandra Onyeiwu
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Mitsubishi UFJ Financial Group (MUFG) partnered with American company Akamai Technologies to develop a blockchain technology service that according to the two companies will drastically reduce transaction times without compromising security. According to a statement, in Fortune, the technology will be ready to be implemented in early 2020. As the largest bank in Japan, MUFG
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Mitsubishi UFJ Financial Group (MUFG) partnered with American company Akamai Technologies to develop a blockchain technology service that according to the two companies will drastically reduce transaction times without compromising security. According to a statement, in Fortune, the technology will be ready to be implemented in early 2020.

As the largest bank in Japan, MUFG could become the first financial institution in the world to deploy its own cryptocurrency after a local report from the Japanese publication NHK confirmed plans for a test involving some 100,000 customers of MUFG retail banks. .

MUFG Coin will act as a digital currency asset and will be supported by the Japanese yen at a rate of 1: 1. Users will be able to download the currency in their smart devices and use it for online purchases, micropayments, P2P transfers and IoT applications.

The CEO and president of MUFG, Nobuyuki Hirano, said:

“For years, the financial industry has tried to use blockchain to secure and accelerate transaction processing and reduce associated costs.”

Although the details of the Blockchain platform are scarce, MUFG explains that the platform is capable of performing transactions through ‘hyper’ through the positioning of the entire blockchain in Akamai Intelligent Platform, the popular cloud service offering of the company

The co-founder and CEO of Akamai, Tom Leighton, added:

“This new blockchain-based online payment system, built upon our cloud platform, will be designed to address the concerns related to scalability, latency and security that have to date hindered broader use of blockchain.”

 

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