Japanese Bank MUFG Partners With Akamai Technologies To Develop New Blockchain Payment Network

Announcements, Blockchain | May 21, 2018 By:

Japan-based Mitsubishi UFJ Financial Group (MUFG), the world’s fifth-largest financial institution, has teamed with cloud delivery platform Akamai Technologies to develop a new blockchain payment network.

Akamai Technologies provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It offers web and mobile performance solutions, such as Ion, a situational performance solution Dynamic Site Accelerator that helps in consistent website performance, and CloudTest to conduct load testing and other analysis of websites in a pre-production environment.

By combining MUFG’s payments business expertise with advanced blockchain technology implemented on Akamai’s global cloud delivery platform, the partnership seeks to create “the world’s most scalable and fastest payment processing platform” with a capacity to process a million transactions per second and the ability to finalize transactions in less than 2 seconds. The goal is to offer a new global payment network service from fiscal year 2019 that will be compatible with Internet of Things (IoT) and other new technologies.

“MUFG and Akamai, using Akamai’s globally deployed high-speed and high-security platform, will utilize this new blockchain’s high-speed processing and secure value transfer abilities to promote pay-per-use, micropayments, and other new IoT generation payment methods, and to support the diverse payment options of the sharing economy by offering an open platform,” MUFG said.

The news came after MUFG announced plans to test its own cryptocurrency, called MUFG Coin, as early as next year. The bank will be conducting the trial to proof the security of the system and remedy any problems in the payment process.