A sister business of Ripple, SBI Ripple Asia has announced a new partnership with the Japan Payment Card Consortium (JPCC). The partnership aims to use Proof of Concept technology to combat fraud. The Proof of Concept system will be distributed through Corda, a blockchain platform built by R3.
The JPCC consists of a number of major payment card groups within Japan and includes financial services providers such as American Express and Toyota Finance. As a result, we can expect this new partnership to bring the blockchain to the forefront of a number of major traditional financial service providers. It's a solid move for blockchain adoption.
The introduction of Corda within this partnership is not a coincidence, second Cointelegraph:
"According to reports, Corda was chosen for the PoC because of its privacy and data security approach, and the statement outlines that data in the system should only be shared with those who need to know. Corda node and, while each company implements its own security policy, Corda has ensured the sharing of data between the nodes. "
Why the blockchain?
Obviously, SBI Ripple, being partially based on blockchain, will concentrate any effort possible to bring blockchain technology to any of their partnerships. In this case, the blockchain has proven its value in anti-fraud measures, so I suppose that the blockchain presents an ideal solution. Furthermore, the Corda platform seems to have presented an ideal solution for this partnership.
"The Japanese IT services provider TIS, a member of the R3 consortium, will develop a secure and scalable information sharing system for the PoC based on the Rope, although in the PoC phase, information will only be shared between participating card companies. The consortium states that it will consider extending data sharing to a wider range of parts – such as merchants and payment service providers (PSPs) – in the future, in the name of better protection against fraud at the level Industry – The Mission Critical Distributed Ledger Technology (DLT) from Hewlett Packard Enterprise (HPE) was chosen as the trusted host environment to test the new PoC. "
Evidently, there are a large number of companies and companies all involved in this project and this partnership. This is an exciting example of how versatile and accessible the blockchain industry is, literally anyone and anyone can be involved.