Fujitsu, a leading Japanese information and communication technology (ICT) company, has announced that the Japanese Bankers Association (JBA), an association of banks and other organizations operating in Japan, will employ a Fujitsu cloud service-based blockchain platform.

Since 2016, JBA has administered the Review Committee for the Possibility and the Challenges of Utilizing Blockchain Technology, and has undertaken initiatives regarding blockchain. As part of these initiatives, JBA has established its Collaborative Blockchain Platform – a testbed environment for developing financial services employing blockchain technology.

JBA plans to offers this Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for blockchain applications, such as for settlement and funds transfer services, and identity and time-of-transaction authentication. JBA said it will support efforts toward practical implementation of these applications.

The platform will be made available over Fujitsu Cloud Service K5 and offered to member banks starting October 2017.

The official release stated:

“JBA is providing member banks and other institutions with its Collaborative Blockchain Platform, a cloud service that sits on top of Fujitsu's cloud platform, K5, and is powered by Hyperledger Fabric, one of the blockchain frameworks hosted by The Linux Foundation.”

In addition, the service also includes standardized business APIs such as digital asset management that can be used in a variety of banking operations, as well as other industries' operations with robust security features. By using the Collaborative Blockchain Platform, JBA and its member banks would be able to efficiently develop applications for new financial services and quickly test them.

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