Bank of Tokyo – Mitsubishi (MUFG) plans on integrating blockchain

Bank of Tokyo – Mitsubishi (MUFG)  plans on integrating blockchain

Blockchain technology is already revolutionizing the way we make everyday transactions and interact with our smart devices. Mitsubishi UFJ Financial G

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Blockchain technology is already revolutionizing the way we make everyday transactions and interact with our smart devices. Mitsubishi UFJ Financial Group (MUFG) along with Akamai is committed to adapt to the distributed ledger technology, with new bold movements on their feet.

MUFG is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. It is one of the main companies of Mitsubishi Group and is considered Japan’s biggest bank and the world’s fifth-largest bank by total assets.

Akamai is a trusted cloud delivery platform, providing secure digital experiences anytime, on any device. The company has over 200 servers in over 130 countries, providing its customers with superior performance and threat protection.

In an announcement on May 21st, MUFG stated that, along with Akamai, they plan to release their own cryptocurrency by the end of 2019. They also plan to roll out a fast blockchain-based payment network able to support up to 10 million transactions per second as well as have the ability to finalize transactions in less than 2 seconds.

“For years, the financial industry has sought to utilize blockchain to secure and hasten transaction processing and lower associated costs. The new platform will also help the group to deliver significantly greater volumes of high-speed payment transactions without compromising the level of security required to combat fraudulent transactions,”

Nobuyuki Hirano, president and group CEO of MUFG, said via the statement.

Next year, they plan to have up and running a pilot program that will allow more than 100,000 account holders to install a smartphone app to convert Yen currency deposits, at a 1-to-1 rate, into a crypto token called the MUFG, that will allow users to pay participating retailers and online companies.

The goal is to use Akamai’s globally deployed high-speed and high-security platform, to make use of their blockchain’s capabilities of processing speed and secure value transfer. This will encourage micropayments, pay-per-use and IoT generation payment methods, as well as offer an open platform for global currencies and economies to step in.

There seems to be a race between banks on who will be the first to deploy distributed ledger technology among their tools. MUFG is taking the race seriously and expands its wings towards the future working on the blockchain.

 

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