• November 30, 2020

MUFG, a Japanese Bank to launch Blockchain based Payment system

MUFG, a Japanese Bank to launch Blockchain based Payment system

The world-renowned Mitsubishi UFJ Financial Group (MUFG) – a Japanese based bank located in Tokyo, made a recent announcement of launching Blockchain based payment system by 2020

In fact this is world’s fifth largest bank in terms of assets whic is entering a partnership with US based tech firm Akamai Technologies. Reportedly the development is expected to completed by first of 2020 and release the product into the market.

The noteworthy feature of this product will be capability to process millions of transactions per second when opposed to the prominent blockchain network -bitcoin taking few minutes of time.

Also, considering the growing demand for multiple payment schemes, MUFG is planning to integrate the internet of things (IoT) and Akamia’s cloud computing platform in its network.

The so-called Global Open Network venture between two firms requires around 250 million yen($2.2 million in USD) with MUFG having an 80 percent stake and Akamai the remaining 20 percent.

MUFG expeditions in the Blockchain area

Apart from the recent announcement, the Tokyo based bank has been working on a blockchain tech for various use cases. Also, last year the MUFG firm along with other organizations such as Spanish banking giant BBVA and France’s BNP Paribas was working on a blockchain pilot program.

Notably, this banking group was actively exploring to release its own cryptocurrency called – MUFG coin back in 2016. Recently in December 2017, the firm also launched a proof-of-concept in a joint venture with NTT tech organization to advance the cross-border trades

Other Banking Players interested in Blockchain

Since its inception blockchain has drawn interest in many areas and sector like banking are no exception to this. Namely big players like Bank of America who has filed a bunch of patents in Blockchain field and interestingly involves a patent for installing blockchain ATM machine as well

Apart from that, the UBS bank has implemented blockchain based live trade transaction system and CEO of the company believes that – ‘Blockchain is almost a MUST for business‘ these days.

What do you think of this new venture by MUFG? Will this trend of blockchain implementation continue further? Let us know your thoughts in the comment section below.

Finance

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