Blockchain Trial Started By Japan Net Bankbr>
Japan Net Bank, the country’s first online bank, has teamed with FinTech firm Tech Bureau to test blockchain technology integrations using Mijin and Hyperledger Fabric.
Founded in 2000, Japan Net Bank provides commercial banking services via the Internet in Japan. It offers ordinary deposit, term deposit, money transfer, consumer loan, cash card, and credit card services through various access channels.
According to Tech Bureau, Japan Net Bank has initiated a proof-of-concept project (PoC) to evaluate Mijin and Hyperledger for paperless contract administration.
Developed by Tech Bureau, mijin aims to meet versatile enterprise needs with its enhanced private blockchain utilizing Singapore-based NEM.io Foundation’s NEM protocol. The mijin blockchain was chosen for this proof-of-concept as it is suited to a wide range or applications, enables secure access, and features a user-friendly back-end. Mijin also encrypts hashes and user signatures, affixing a time stamp that is accurate down to the second for each transaction and coded into the blockchain.
Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. Intended as a foundation for developing applications or solutions with a modular architecture, Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play. Hyperledger Fabric leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.
Tech Bureau said Japan Net Bank aims to create an un-falsifiable ledger of file views, edits, approvals, and rejections to massively improve contract drafting. The bank will create a link between Mijin and Hyperledger, with data logged on both blockchains. If one blockchain fails, data will ideally remain secured and a system administrator can view the history of actions on either blockchain, thereby helping Japan Net Bank to evaluate scalability and security of deploying this technology.
The PoC project started on February 6 and is scheduled to be completed with a project review meeting on March 30.