Japan-based Soramitsu proposes Iroha to the Hyperledger Project

Announcements | October 6, 2016 By:

Soramitsu has announced the open sourcing and proposal of a blockchain platform called “Iroha” to the Hyperledger Project, an open source Linux Foundation collaborative project for the enhancement of blockchain and distributed ledger technology.

A Japanese fintech startup focusing primarily on creating a digital identity platform using blockchain technology, Soramitsu is a member of the Hyperledger project. It has commenced development of derivative insurance contracts using blockchain technology, such as weather derivatives, together with insurance company Sompo Japan Nipponkoa Holdings, Inc.

Soramitsu made the proposal of Iroha to Hyperledger from Geneva on September 26, 2016, and the proposal is jointly sponsored by leading Japanese technology firms, including NTT DATA Corporation.

Iroha is a distributed ledger technology and smart contract platform using Java-based smart contracts and a Byzantine Fault Tolerant consensus algorithm, called Sumeragi. It facilitates simple issuance and transfer of digital assets, such as currencies/points, and mobile and web application development platforms, with sample applications under construction. Expected use-cases for Iroha include: payment and settlement, contract management, and securities clearing.