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Fujitsu trial blockchain money transfers with three Japan’s biggest banks

Fujitsu trial blockchain money transfers

According to Techinasia, Japanese multinational IT provider Fujitsu is teaming up with Japan’s three largest banking groups – Mizuho Financial Group, Sumitomo Mitsui Financial Group, and Mitsubishi UFJ Financial Group (MUFG) – to conduct a joint field trial of a person-to-person money transfer service using the blockchain technology.

The trial – is expected to begin in January next year and last for approximately three months. The trail is part of Fujitsu’s development of a  mobile app interface  that will allow customers of different banks to securely transfer money between themself using blockchain.

Japan has been making its pitch to become the world leader in blockchain adoption.
MUFG principal analyst Tatsuto Fujii said that

the bank wants to use the technology to “open up a door to new ways of thinking about payments.”

Blockchain-based cryptocurrencies have become increasingly popular in the country, with the Japanese yen accounting for around a third of bitcoin trading volume by July this year.

While some countries are clamping down on bitcoin and others issuing ban on cryptocurrency, Japanese government recently approved licenses to 11 local companies to exchange cryptocurrency.

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