Blockchain-based Money Transfer – Fujitsu and three Japanese banks are doing it.

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  • The blockchain innovation is here to remain. That’s a reality some tech giants, governments, and institutions around the world don’t desire to hear. Simply like the internet, those who make early moves are bound to acquire from it. And those who live in the past, not wishing to catch brand-new innovations are bound to be hit by the unfavorable sides of these brand-new technologies.It seems Fujitsu and other companies from the Asian side are seeing a favorable future for the blockchain technology, and not wishing to stay behind, have chosen to cash in on such a brand-new, robust creation. The Japanese business Fujitsu released a test task on October 10, 2017, geared towards the development of a cash transfer service utilizing the blockchain innovation. In collaboration with Mizuho Financial Group, Sumitomo Mitsui

    Financial Group, and the Mitsubishi UFJ Financial Group, this service will initially be devoted to individuals wanting to safeguard their loan transfers from one person to another. The test will officially begin from January 2018 and last for a period of three months. However, Fujitsu has actually been dealing with this job for some time now and is definitely going to make it work well for the text duration, so regarding guarantee its subsequent success.To set up the whole system, the Japanese has developed a’blockchain platform on the cloud

    ‘to deal with loan transfers between people. It can be utilized by all 3 banks for their customers, as well as other users of the application that will be developed to handle deposits and withdrawals. The objective for the 4 protagonists is to make sure that the link is simply between the user’s checking account, and other account of

    the other user. The most important thing is also to note the significance and security of the procedures integrated in the application.If this test achieves success, a similar technology could quickly be achieved in other major players in the banking market. Artificial intelligence, blockchain, or fintechs in basic will rapidly reinvent our usages, and probably our banking security.