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Fujitsu to Trial Blockchain Tech with New Banking Partners

Fujitsu is joining up with a Japanese banking association in a bid to help member banks build and test real-world blockchain solutions.

Sep 15, 2017 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 6:56 a.m. UTC

Fujitsu, Japan's largest IT equipment and services provider, is partnering with the Japanese Bankers Association (JBA) in a bid to test the viability of running financial services on a blockchain platform.

The JBA assesses the effectiveness of payment systems and provides guidance to banks on various issues, including how to utilize new technologies to improve services. Its membership comprises banks, bank holding institutions and smaller banking associations.

With the new deal, Fujitsu will provide a blockchain platform, built on the open-source Hyperledger Fabric code base, that individual banks within the JBA's ranks can then use to test various business use cases.

The association said in a press release:

"JBA will provide its Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for applications employing blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication."

Starting next month, member banks will begin developing their own applications for the platform, testing out various ideas to determine which are viable for implementation on a real-world basis.

As such, the JBA's members join an increasing number of banks that are testing out blockchain technology as a base for financial services.

Just this week, a joint venture between Ripple Labs and Japanese financial services firm SBI announced it will soon start testing its blockchain-based funds-transfer system between Japanese and South Korean banks.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple. 

Fujitsu image via josefkubes/Shutterstock

DISCLOSURE

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.

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