Japanese Firms Test Blockchain for E-Check Management
The Bank of Tokyo-Mitsubishi UFJ and tech giant Hitachi are working on a blockchain proof-of-concept aimed at digitizing checks.
Aug 22, 2016 at 4:31 p.m. UTC
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The Bank of Tokyo-Mitsubishi UFJ and tech giant Hitachi are now working on a blockchain proof-of-concept aimed at e-check management.
The prototype system, according to the two companies, seeks to create a digital platform for "issuing, transferring and collecting electronic checks". Nikkei reports that further trials are expected to take place in the coming days, and that a full-scale version could see wider release in 2018.
Hitachi said in a statement:
The project's disclosure comes months after Hitachi announced the formation of a R&D laboratory focused on FinTech, including blockchain. At the time, the firm had only recently become a member of the Hyperledger project, the Linux Foundation-led initiative focused on commercial blockchain applications.
The Bank of Tokyo-Mitsubishi UFJ has invested notable resources already in the blockchain industry, investing in Coinbase and taking part in a series of trials based on the technology.
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Thus far, the bank has explored use cases such as promissory note trading and digital currency.
Digital check image via Shutterstock
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