Seven Japanese Firms Deploy Blockchain To Digitize Trade Paperwork

About seven Japanese firms deployed blockchain to digitize trade paperwork and they aim to prevent data tampering with the help of blockchain technology. In our latest blockchain news, we are reading more about it.

As the news report by the Japanese news agency The Nikkei, seven Japanese companies are preparing to invest in a new trade data management system and it will be developed by NTT data by using blockchain technology to prevent malicious third-parties from tampering with the recorded data. The platform is designed to manage the receipts for exporting and importing companies that will also manage letters of credit that are issued by banks. the new service will help to proves other related documents handled by insurance and the logistics companies. The participating companies like MUFG Bank, Japanese Bank, Toyota Tsusho, Sompo Japan, Kanematsu, and Tokio Marine as well as Nichido Fire Insurance, the seven Japanese firms.

According to Nikkei, the companies will launch a new service by the end of the current fiscal year and it seems that the service was piloted by firms like Mitsubishi and reported reduced time that is required for data processing by 50%. NTT data partnered with Japan’s New Energy and Industrial Technology Development Organization which is a subsidiary of the Japan Ministry of Economy in order to collaborate on the blockchain platform for the trading industry.

As we reported earlier in our blockchain news, In collaboration with a group of seven central banks, the Bank for International Settlements (BIS) published its first joint report into central bank digital currencies on October 9, and with that started focusing on the foundational principles and core features of CBDCs. Along with the report, the Bank of Japan released a document that outlines its own specific approach to CBDCs from a Japan-based perspective. The report shows that the Bank of Japan will start the new project with the first of several testing phases for its own CBDC sometime in 2021.

While the Bank of Japan will start adopting this, the report gives no details at all about how providing against such events might be achieved, even though there are solutions that address the potential electrical or network failures for Bitcoin (BTC) as well as other blockchain-based cryptocurrencies. These mostly include the development of mesh networks that are centered around long-wave radio transmitters, as well as Blockstream’s satellite network which will broadcast Bitcoin transactions via space.