Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Japanese financial and tech titans to trial blockchain for cross-border trade operations

Leading Japanese financial and technology companies have announced a demonstration test to verify the applicability of blockchain technology for enhancing cross-border trade operations.

Participating companies include Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), The Japan Research Institute (JRI), Mitsui & Co., Mitsui O.S.K. Lines (MOL), Mitsui Sumitomo Insurance Company (MSI) and IBM Japan. They have agreed to start the demonstration test this month.

In the demonstration test, the participating companies will input information of real trade transactions using a blockchain-based application, which will digitize, record, and share the documents among participants.

The test would compare a blockchain-based system against existing process to verify the effectiveness of the technology for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs. It will also look into the potential for commercialization and will evaluate the technology for its viability in cross-border trade business operations.

The demonstration test will use Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 825504825504m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 825504825504m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 813684813684m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.