Japanese IT firm reveals new payment tech that allows transactions between blockchains with cryptocurrencies.
In yesterday’s announcement Fujitsu reveals the details of ‘ConnectionChain’ project. Since it is aiming for multiple crypto networks to interoperate. The IT giant explains that the excessive pact over crypto exchanges amid of companies or startups using ICOs. Hence, to raise the fund from cryptocurrencies.
Further, IT firm adds highlighting the need to introduce ‘ConnectionChain’ that settlement between virtual currencies manages using blockchains. Thus, it needs a feasible application to manage the crypto exchange process at the boundaries between the blockchains. Since there is an on-going issue of clarity in the process.
So on, as to simplify transfers between contrary blockchains, Fujitsu reveals its solution “connection-type chain”. Prominently, it holds records of transactions encompassed from other blockchains.
The IT Firm Fujitsu elaborates,
“Fujitsu Laboratories has now developing an extension of smart contract technology which inter-connects multiple blockchains by recording the series of related transactions on each chain in a dedicated blockchain, or a “connection-type chain,” to link to the currency exchange into a single transaction process that can be automatically executes. It has also developed a transaction control technology to synchronize execution timing of the transaction process on each chain”.
Besides, the successful trial of ‘ConnectionChain’ is confirmed by Fujitsu. Hence, the complete trial of the transaction is recorded in joining blockchain. Further, it adds, this new approach will ease the payment in various currencies.
Vividly, Japanese IT giant unveils its new payment tech to augment crypto trading. Hence, it is when the Fujitsu is separately working with Japan’s 3 megabanks develop a blockchain. Therefore, it will enable P2P money transaction actual bank accounts to their retail customers.