Japan’s first online bank pilots blockchain technology to reduce costs and improve efficiency
Fintech and cryptocurrency solutions company Tech Bureau today announced that Japan’s first online bank is testing blockchain technology integrations using mijin and Hyperledger. Japan Net Bank, Limited, has initiated a proof-of-concept project to evaluate mijin and Hyperledger for paperless contract administration.
Currently, Japan Net Bank’s drafting process is cumbersome and involves a back-and-forth of emails and paper documents until an agreement is reached. This leaves room for document falsification, which can be costly. By integrating blockchain technology, Japan Net Bank aims to create an unfalsifiable ledger of file views, edits, approvals, and rejections to massively improve contract drafting.
Through this proof-of-concept project, Japan Net Bank will create a link between mijin and Hyperledger, with data logged on both blockchains. If one blockchain fails, data will remain secured and a system administrator can view the history of actions on either blockchain. This will help Japan Net Bank to evaluate scalability and security of deploying this technology.
Developed by Tech Bureau, mijin meets versatile enterprise needs with its enhanced private blockchain utilizing the NEM protocol. The mijin blockchain was chosen for this proof-of-concept because it is suited to a wide range or applications, enables secure access, and features a user-friendly back-end. mijin also encrypts hashes and user signatures, affixing a time stamp that is accurate down to the second for each transaction and coded into the blockchain.
Japan Net Bank’s proof-of-concept is scheduled to be completed end of March 2018.