The Bank of Tokyo-Mitsubishi UFJ and tech giant Hitachi are now working on a blockchain proof-of-concept aimed at e-check management.
Hitachi said in a statement:
The project's disclosure comes months after Hitachi announced the formation of a R&D laboratory focused on FinTech, including blockchain. At the time, the firm had only recently become a member of the Hyperledger project, the Linux Foundation-led initiative focused on commercial blockchain applications.
The Bank of Tokyo-Mitsubishi UFJ has invested notable resources already in the blockchain industry, investing in Coinbase and taking part in a series of trials based on the technology.
Digital check image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.