IBM and MUFG Bank jointly conduct pilot project based on Hyperledger

Rage Review : The Hyperledger Project is an open source blockchain initiative initiated by the Linux Foundation. Recently, the alliance's research has begun to bear fruit. Member companies IBM and Mitsubishi UFJ Bank have reached a cooperation agreement to launch applications that automate inter-enterprise transactions based on the Hyperledger Project. In addition, the two companies' previous cooperation on IBM cloud technology and close cooperation with Singapore government departments have laid the foundation for the implementation of this plan.

Translation: Annie_Xu

The Hyperledger project has achieved initial success. Two of the project's members, IBM and BTMU, Bank of Tokyo-Mitsubishi UFJ, signed an agreement to jointly develop and apply blockchain technology.

IBM issued a statement on the cooperation, saying that starting next year, the two companies will work together to automate transactions between enterprises. The project is based on the Linux Foundation's Hyperledger Project Fabric and will be implemented in a pilot form for a period of one year. In addition, the blockchain prototype built by the two companies on the basis of IBM cloud services will become a prerequisite for providing this service to other enterprises in the future.

The news further stated that smart contracts based on blockchain applications can greatly improve the efficiency and reliability of service level agreements in multi-party transactions; at the same time, the entire process can be automated. During the pilot phase, IBM and BTMU will continue to monitor the transmission and application of the equipment. It is expected that all reports will be recorded on the blockchain to ensure transparency.

It is an established fact that mainstream banks and financial institutions are increasingly interested in blockchain. Blockchain solutions being developed by multiple consortiums have the potential to be applied to existing processes. At the same time, many blockchain startups are also looking for alternatives to existing banks and financial institutions.

Motoi Mitsubishi

Motoi Mitsubishi, Deputy CEO of BTMU Asia-Australia, General Manager of Asia-Australia Corporate Sales Department, Singapore Branch said:

“Blockchain technology has the potential to transform not only the financial sector, but other areas of business as well, making end-to-end processes more efficient for enterprises. Now we are setting sail with IBM to harness the potential of this technology. We are pleased to have achieved the results of this first blockchain proof of concept with IBM Research and IBM Global Business Services, and we look forward to seeing these blockchain applications come to fruition.”

BTMU will work closely with IBM’s new Blockchain Innovation Center in Singapore, a new global blockchain technology research center jointly established by IBM, the Singapore Economic Development Board and the Monetary Authority of Singapore.

Singapore, one of Asia’s financial hubs, is actively promoting the development of blockchain technology by providing a favorable environment for global cryptocurrency startups and technology giants. It won’t be long before the development of the Asian economy drives the growth of more related companies and collaborations.