Nine Japan-based Banks to Test Fujitsu Blockchain Payment System

November 1, 2018

Nine banks in Japan have joined testing of a new payment blockchain system developed by the Fujitsu company. 

According to the latest Fujitsu media release, the tests are expected to result in extremely low cost of small transactions real-time. As stated, the tests will be involving specific crypto token. As the company says, this tests are aimed at assessing the use of blockchain technologies by criteria like performance, security and efficiency. 

The Japanese banks that take part in the testing belong to the consortium Payment Clearing Network (or Zengin - net). Note that the alliance combines efforts of major banking sector players like Mizuho Bank and MUFG Bank. 

The document says that transfers inside blockchain system will be executed with the use of Fujitsu’s own p2p-network developed by the company last year together with three Japanese banks. Under the same tests they checked a blockchain platform for transferring money between individual persons. 

In addition, in September this year Fujitsu joined the Japanese Bankers Association (JBA). At that time the company presented its own platform based on Hyperledger Fabric software framework which allows consortium members use various options of blockchain-based business solutions.

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