Nine Japanese Banks to Trial Blockchain Settlement Using Fujitsu Tech

Nine Japanese banks are teaming up to trial a blockchain-based inter-bank settlement system using Fujitsu technology.

IT giant Fujitsu announced in a press release Monday that it has been chosen as an "Application development vendor" for the field trial that will use a custom digital currency to attempt to achieve low-cost transfer of small-scale transactions using real-time gross settlement.

The nine banks involved in the effort comprise a consortium called the Japanese Banks' Payment Clearing Network and include Mizuho Bank and MUFG Bank.

Specifically, Fujitsu will build and provide the new trial platform using blockchain technology and will also utilize a peer-to-peer money transfer platform it developed in 2017 alongside three Japanese banks.

That trial encompassed a cloud-based blockchain platform for sending funds between individuals, as well as a smartphone app.

Among its various explorations of blockchain, Fujitsu also partnered.

In September with the Japanese Bankers Association to provide a platform built with Hyperledger Fabric that banks within the group's ranks could use to test various business use cases for the tech.

It further launched a "Ready-to-go" blockchain consultancy service in July that it claimed can deliver a minimum viable product in just five days.

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