Japanese Bankers Assn. Adopts Fujitsu Blockchain Platformbr>
Japanese IT firm Fujitsu has announced that the Japanese Bankers Association (JBA) will employ its cloud service-based blockchain platform. JBA plans to offer the blockchain platform to its member banks and other institutions starting from October.
JBA, a financial organization whose members consist of banks, bank holding companies, and bankers associations in Japan, operates the existing inter-bank wire transfer system in that country. The organization has 120 full-member banks, three bank holding companies, and 58 bankers’ associations. There are also a number of foreign banks with membership.
Since 2016, JBA has administered the consortium’s “Review Committee for the Possibility and the Challenges of Utilizing Blockchain Technology,’ and has undertaken initiatives regarding blockchain. As part of these initiatives, JBA has established its Collaborative Blockchain Platform, a cloud service that sits on top of Fujitsu’s cloud platform, K5, and is powered by Hyperledger Fabric, one of the blockchain frameworks hosted by The Linux Foundation.
The association will provide the platform to its member banks and other institutions as a test bed environment for applications employing blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication. JBA will support efforts toward practical implementation of these applications.
Fujitsu said that in addition to being a blockchain platform, this service includes standardized business APIs, such as digital asset management, that can be used in a variety of banking operations, as well as other industries’ operations with robust security features and more. By using the Collaborative Blockchain Platform, JBA and its member banks can efficiently develop applications for new financial services and quickly test them.