IT Giant NTT Data, Ministry of Economics Announce Blockchain-based Trading Platform

Japan's New Energy and Industrial Development Organization (NEDO) is working on a blockchain-based data sharing system for the commercial industry, Cointelegraph Japan reported Thursday, August 23

The NEDO, the largest Japanese public organization that promotes the research and deployment of industrial and energy technologies, is reportedly developing a blockchain project to rationalize the commercial information sharing infrastructure.

The organization operates according to the instructions of its main body, the Ministry of Economics, Trade and Industry (METI).

The project, called "Development of infrastructures for the creation of new industrial models that exploit the IoT", aims to create a system of infrastructures that will digitize and improve the process of sharing logistic data between commercial entities, such as shipping companies, brokerage operators, port authorities, banks and insurance companies.

In particular, the p roject intends to explore a more efficient and accurate data sharing system, replacing current processes that use paper or PDF files. According to the official press release, these processes require expensive and time-consuming manual work, such as error checking and redundant data entry.

  Overview of a new infrastructure system for the collaboration of commercial information "src =" https: // s3 .cointelegraph.com / storage / uploads / view / 6a63bbb71a86a6cbd537fa9931c6820a.png "title =" Overview of a new infrastructure system for the collaboration of commercial information "/> </p>
<p style= Overview of a new infrastructure system for the collaboration of commercial information Source: METI

The NEDA blockchain project is a joint venture conducted in partnership with the Japanese NTT Data, one of the largest IT companies in the country, according to NTT's press release, the company also plans to introduce the social implementation of the new infrastructure platform during the fiscal year 2011, in order to strengthen the supply chain Global.

Earlier this week, Cointelegraph reported that one of the largest law enforcement agencies in the United States, the The Cus toms and Border Protection (CBP) is about to launch a live test of a blockchain-based shipment tracking system.

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