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Bank of Tokyo works on a Blockchain project with Hitachi

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Bank of Tokyo works on a blockchain project with Hitachi

Bank of Tokyo works on a blockchain project to manage electronic check together with tech giant Hitachi. 
According to a press release, this proof of concept system aims at creating a digital platform to issue, transfer and collect e-checks. 
Asiatic magazine Nikkei reports that in the next few days there will be further trials, and that the full version could be released in 2018.
Tech giant Hitachi announced:
“Using the system, BTMU issues and settles checks and some of Hitachi Group companies in Singapore receive the electronic check and deposit the funds. Through the PoC testing, Hitachi and BTMU will be able to identify issues from various perspectives such as technology, security, operation and legal perspectives and aim to realize new FinTech services including digitalization of checks.”
This project comes after a previous Bank of Tokyo Mitsubishi UFJ statement about its investment in the blockchain and about the project to release a new digital currency. 
Also, a few months ago Hitachi announced the creation of new studies for fintech applications, as the company is a member of the Hyperledger project, the Linux Foundation program related to the distributed ledger.

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Hitachi is studying the Blockchain

Some days ago the Japanese company Hitachi announced that it will open a research laboratory in the US that will study the blockchain ledger and its possible applications.
The lab will partner with Hitachi technology innovation division and it will be opened next month in Santa Clara, California.

Hitachi wants to use the research laboratory to work on some projects for its customer base.

In a press release, Hitachi explained:

“By establishing the Financial Innovation Laboratory in the Silicon Valley, Hitachi will accelerate research [and] development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions.”


Hitachi partners with Hyperledger

This statement follows a previous company’s news related to the blockchain: in fact, in February Hitachi joined the Hyperledger Project, an advaced blockchain technology that aims at “identifying and addressing important features for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally.”

The Hyperledger Project is a Linux Foundation collaborative project that stars some of the most important companies in the world, including IBM, J.P. Morgan, Fujitsu and many more.

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Amelia Tomasicchio