Japan’s largest IT equipment and services provider, Fujitsu is uniting with the Japanese Bankers Association (JBA). In a proposition to test feasibility of running financial services on a blockchain platform.
The JBA provides guidance on various issues like how to employ new technologies and measures the efficacy of payment services. Therefore, this partnership includes bank institutions, banks and smaller banking associations.
According to new deal, Fujitsu provides a built on the open- source Hyperledger Fabric code base blockchain platform. The individual banks within the JBA’s ranks can use to test various business use cases.
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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”.
Next month starting, member banks will start developing their own applications, ideas to govern which are feasible for implementation on a realistic.
Particularly, there is increasing number of members joining banks with testing out blockchain technology as a base for financial services.
This week, a joint venture between Japanese financial services firm SBI and Ripple Labs announces that it will soon start testing its blockchain. It is based on funds-transfer between South Korean and Japanese banks.