Japanese Tech Association GMO Will Use Blockchain For Payments

For faster and cheaper payments and financial services Japanese tech association GMO has started a new internet banking business using blockchain technology.

According to the record on Tuesday the GMO Group affirmed the dispatch of the GMO Aozora Net Bank in association with Aozora Bank Group which is a commercial bank that offers service in 19 branches in Japan, a joint-activity that has been in readiness since July 2016 that will use the utilization of blockchain, artificial intelligence (AI) and Internet of Things (IoT) to give new money related services through financial technologies.

The occurrence of a without cash transfer community between a dissemination of smartphones and fast progress of financial technologies in community has caused new financial services to come to the force.

Explicitly the new bank acknowledged it would be utilizing decentralized blockchain technology to regulate payments away from conventional banking protocols that involve a supervisor or a commission agent.

GMO Internet’s recent financial raid with its new web bank meets the start of its cryptocurrency exchange. Beginning from that period, GMO has also made an investment in its own bitcoin mining operation in Europe, made the payments to his employees in bitcoin and lately promulgated its cloud mining service for bitcoin and bitcoin cash to be started in August.

A year ago, GMO opened its own bitcoin mining equipment that will be delivered in October as the world’s first cryptocurrency miner to use 7nm semiconductor device chips.