This weekend Fujitsu announced a new contract with the Japanese Banker’s Association to begin piloting applications for administering financial services using Blockchain technology. Fujitsu will provide a collaborative Blockchain platform based on Hyperledger to the JBA, which they will then make available to their member banks for the development of individual applications /1/.
Member banks seek to stay competitive
Applications created by member banks will be developed for a number of use cases including settlement and funds transfer services and identity and time-of-transaction authentication /2/. The JBA is seeking to equip their member banks with the tools to stay competitive on an international level. Financial technology is an ever-increasing part of modern business, changing the way money is exchanged and not just in the form of cryptocurrencies.
Financial services will see Blockchain disruption
The JBA’s piloting of Blockchain sends a signal to the financial services industry that disruption is on the way. Blockchain can support financial services in a number of ways including identity management, supporting share trading for greater accuracy, setting up smart contracts to reduce transaction time, and simplifying international transactions to name a few. We’re looking forward to seeing how these member banks find ways to improve their industry using Blockchain.