According to an October 26 report from the Japanese news agency The Nikkei, seven Japanese companies are preparing to invest in a new business data management system. Reportedly developed by NTT Data, the platform uses blockchain technology to prevent malicious third parties from tampering with recorded data.
The platform is designed to manage collections for exporting and importing companies and will also manage letters of credit issued by banks. The new service will also help process other related documents managed by insurance and logistics companies.
As reported, participating companies include a major Japanese bank, MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance, and Tokio Marine & Nichido Fire Insurance.
According to Nikkei, the companies plan to launch the new service by the end of the current fiscal year. It appears that the service has already been pioneered by companies like Mitsubishi and has reportedly reduced the time it takes to process data by 50%.
As reported in 2018, NTT Data partnered with Japan’s New Energy and Industrial Technology Development Organization – a subsidiary of the Japanese Ministry of Economy – to collaborate on a blockchain platform for the commerce industry.
Cointelegraph contacted NTT Data with further questions about these developments. This article will be updated pending new information.