Japanese fintech startup Soramitsu has announced the open sourcing and proposal of a distributed ledger technology platform called "Iroha" to the Hyperledger Project.

The startup is already a member of the Hyperledger project and made the proposal of Iroha from Geneva, today, on September 26, 2016. The proposal is jointly sponsored by leading Japanese technology firms, including NTT DATA Corporation.

Soramitsu focuses primarily on creating a digital identity platform using blockchain technology. With this latest announcement, the company is looking for donations to the open source development of Iroha and related services, open source contributors to Iroha development, development partners, additional use-case partners for Iroha and partners for KYC Service.

Potential use cases for Iroha include Payment and Settlement, Contract management, Securities clearing, Development of financial products such as insurance, Supply Chain Management, Smart Grid, Trade finance, and Internet of Things (IoT), among others.

Recently, Soramitsu began the development of derivative insurance contracts using blockchain technology, such as weather derivatives, together with Sompo Japan Nipponkoa Holdings, Inc., a leading insurance company. In addition, the company is working with Rakuten Securities to develop a KYC system using blockchain technology.

Also, the startup has created a joint research project with The University of Tokyo, The University of Aizu, and the Center for Global Communications (GLOCOM) of the International University of Japan, to study the economics of local currencies and their effects on regional development in the area around Aizu, in Fukushima Prefecture, Japan. The project will include experiments using local currencies running on Iroha.

The Hyperledger Project is a collaborative effort that aims to create global standards for blockchain and distribution ledger technology, with the aim of providing practical solutions for businesses and meeting the needs of society.