Seven corporations in Japan deploy blockchain to digitize commerce paperwork

In response to an Oct. 26 report by Japanese information company The Nikkei, seven Japanese firms 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 know-how to stop malicious third-parties from tampering with recorded knowledge.

The platform is designed to handle receipts for exporting and importing firms and also will handle letters of credit score issued by banks. The brand new service may also assist to course of different associated paperwork dealt with by insurance coverage and logistics firms.

As reported, the taking part firms embody a serious Japanese financial institution, MUFG Financial institution, Toyota Tsusho, Kanematsu, Sompo Japan Insurance coverage and Tokio Marine & Nichido Hearth Insurance coverage.

In response to Nikkei, the businesses expect to launch the brand new service by the top of the present fiscal 12 months. It appears that evidently the service has already been piloted by corporations like Mitsubishi, and has reportedly decreased the time required for knowledge processing by 50%.

As reported in 2018, NTT Data partnered with Japan’s New Power and Industrial Know-how Improvement Group — a subsidiary of Japan’s Ministry of Financial system — to collaborate on a blockchain platform for the commerce trade.

Cointelegraph reached out to NTT Information with further queries relating to these developments. This text shall be up to date pending any new data.

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