Blockchain Interbank Settlement System Will Be Tested In Japan

Several Japanese financial institutions have joined forces with Fujitsu, a Japanese multinational information technology equipment and services company headquartered in Tokyo, Japan, to explore whether blockchain can improve the interbank payment system. Fujitsu will be an application development provider in the upcoming testing of distributed ledger technology (DLT) solutions for small-scale transactions.

Payment clearing network of Japanese banks will prosecute transactions involving nine banks: Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Resona Bank, Joyo Bank, Bank of Fukuoka, Nishi-Nippon City Bank, Sumitomo Mitsui Trust Bank and Keiyo Bank. During the trial, the date of which is unclear, Fujitsu’s distributed ledger technology (DLT) solutions will be used, as the technical Corporation will build a blockchain-based settlement system.

Blockchain, the technology behind cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and XRP (XRP), has become attractive to various industries in search of new technology solutions that can bring cost savings, transparency and time savings.