The Japanese multinational IT equipment and services Fujitsu will build an interbank settlement platform using blockchain technology as part of a joint project with nine national banks, Cointelegraph Japan reported on Monday 29 October.
With the aim of "confirming the feasibility of blockchain technology", the experimentation of the platform is orchestrated by the Payment Clearing Network of Japanese banks, also known as Zengin-Net, a confirmed press release.
As part of the development, the platform will use an unnamed "digital currency" to create settlements.
According to the release, Fujitsu "will also exploit the P2P money transfer platform that has developed in the (fiscal) (year) 2017 with three major banks to generate money transfers to other banks that will determine the interbank transfer of funds", adding:
"By participating in this project, Fujitsu aims to create a new platform that uses cutting edge technology to help build a non-cash company."
The company has been involved in the development of technical blockchains for some time, and last year released a tool that facilitates faster transactions for Hyperledger Fabric, the Linux Foundation's blockchain enterprise solution. In June, Fujitsu also launched a blockchain-based data storage system for the tokenisation of traditional retail strategies such as coupons and loyalty points.
Japan continues to see various blockchain banking initiatives from its main entities, with the SBI Group at the start of this month introducing a settlement system that uses Ripple (XRP) as a means of transfer.