In line with an Oct. 26 report by Japanese information company The Nikkei, seven Japanese corporations are getting ready to put money into a brand
In line with an Oct. 26 report by Japanese information company The Nikkei, seven Japanese corporations are getting ready to put money into a brand new commerce knowledge administration system. Reportedly developed by NTT Information, the platform makes use of blockchain expertise to stop malicious third-parties from tampering with recorded knowledge.
The platform is designed to handle receipts for exporting and importing corporations and also will handle letters of credit score issued by banks. The brand new service will even assist to course of different associated paperwork dealt with by insurance coverage and logistics corporations.
As reported, the taking part corporations embody a serious Japanese financial institution, MUFG Financial institution, Toyota Tsusho, Kanematsu, Sompo Japan Insurance coverage and Tokio Marine & Nichido Hearth Insurance coverage.
In line with Nikkei, the businesses expect to launch the brand new service by the tip of the present fiscal yr. Plainly the service has already been piloted by corporations like Mitsubishi, and has reportedly diminished the time required for knowledge processing by 50%.
As reported in 2018, NTT Information partnered with Japan’s New Power and Industrial Know-how Growth Group — a subsidiary of Japan’s Ministry of Economic system — to collaborate on a blockchain platform for the commerce trade.
Cointelegraph reached out to NTT Information with extra queries concerning these developments. This text might be up to date pending any new info.