Japanese IT giant have joined forces with three major banks and have announced plans to pilot a peer-to-peer money transfer system built with blockchain technology; in another boost to show just how much the blockchain technology is taking over the world in every aspect!
They have partnered up with Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, where they will field trial a cloud-based blockchain platform which allows for funds to be sent between individuals, as a well as a smartphone app, which aims the system to be as available and usable as it can be.
Although this is still in the planning stages, the theory is that the platform would link customers’ fiat accounts at the three banks to the blockchain system. The customers could then use the app and send money to their accounts, as well as making deposits and withdrawals. Fujitsu have issued a press release, where they explain just how the pilot scheme will work. They have said that it will allow it to;
“Evaluate the system’s application of the series of processes involved in monetary transfers between individuals, including transferring funds from the money transfer account for individuals and the actual bank account link with it”
This platform will take a while until it has been completed, but Fujitsu are working hard on developing it, and it is estimated to be completed and trialled between January and March 2018.
This is the latest in big news for Japanese giant Fujitsu, who, just last month announced a partnership with the Japanese Bankers Association (JBA) for testing financial services on a blockchain.
Why is Fujitsu offering this?
Ultimately, they are building this platform to be highly convenient for users, in what is fast becoming a monetarily diverse, cashless society.
They feel that this will be appropriate as there is such a growing wave of digitalisation, as well as improvements in the performance of computers and innovations in technologies, especially those that are related to blockchain.
More and more establishments in the financial industry is embracing this technology, so it is only natural that Fujitsu will join this field.
References and Further Reading:
- CoinDesk; IT Giant Fujitsu Joins Major Banks for Blockchain Money Transfer Pilot
- Fujitsu; Fujitsu to Conduct Blockchain Field Trial of Money Transfer Service with Three Major Japanese Banks