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The biggest bank in Japan, the Mitsubishi UFJ Financial Group, also known as MUFG, announced it will introduce a blockchain powered payment network in one year, according to a press release published by the company.
In a partnership with United Stated finch form Akamai Technologies, MUFG will develop a blockchain system called the Global Open Network that will be launched in the first half of 2020.
MUFG will have the 80% stake, with Akamai having the other 20 percent of the new venture. The project starts with a capital of $2.26M or ¥250M.
According to the press release, both companies will work on the support of different payment schemes that take IoT into account, and to expand payment network business globally and to further enhance MUFG services.Akamai will leverage its Intelligent Edge Platform through MUFG to power the online payment network.
In this framework, Akamai’s press release highlighted that its ” Blockchain solution is proven to be capable of processing more than one million transactions per second at under two-second latency per transaction, which is orders of magnitude faster than existing solutions.”
MUFG Blockchain payment platform will arrive just ahead of the Olympic Games of Tokyo 2020, and also in line of the J-Coin cashless project in Japan that works to change the cash economy that is Nippon today, for a less cash-dependent market.
As Cryptimi reported on December 26th, the cashless project aims to reduce Japan’s dependency from Cash as the country is a 70% cash economy with ATM closing at nights. Japan wants to become a virtual money economy by the Olympics Games of Tokyo.