| Customers: Mitsubishi UFJ Financial Group Financial services, investments and auditing Contractors: Akamai Technologies Product: Projects based on blockchain technologyProject date: 2020/11
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At the beginning of November, 2020 the Japanese financial giant Mitsubishi UFJ Financial Group (MUFG) announced intention to start in the spring of 2021 a payment service on the basis of blockchain technology. The new MUFG project develops together with the American company Akamai Technologies.
The new blockchain platform will provide to users financial services, providing them at the same time with the impressive processing speed of transactions and scalability of network. According to messages of the company, the platform debuts in February or March, 2021, it will support billing and micropayments.
Nikkei reports that two companies created joint venture under the name Global Open Network (the solution blockchain is called also) and are going to use the new platform in "different scenarios of payment" for the solution of new problems of an era of Internet of Things.
The Japanese company Seiko Solution and its CREPiCO network which is considered the Japan's first service for wireless credit card payments will also participate in the transaction. Global Open Network is also going to start service which will allow to make credit card payments in one contact in shops, shopping centers, and other sales points at a reduced payment for connection to network for 80% (a current problem for the companies which are engaged in processing of micropayments).
MUFG and Akamai jointly investigate several years blockchain technology. Earlier partners announced development new a blockchain network which will service a new payment service. The Japanese company is going to release the long-awaited digital currency MUFG Coin with a binding to yen in the ratio 1:1 in the second half of 2020 financial year. It is expected that steyblkoin will find application in mobile retail payments thanks to cooperation with Recruit Group. About 1 million shops already signed the usage agreement of a steyblkoin of MUFG.[1]
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Notes
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