Japan's "Technology Agency" announces private blockchain solution based on NEM

Tech Bureau, the parent company of Japanese bitcoin exchange Zaif, has announced a low-cost solution for creating “permissioned blockchains,” Mijin, with help from developers of the NEM blockchain project.

The program, code-named Mixun, aims to reduce costs for financial institutions by 10 percent by 2018, according to a statement from the Japanese company.

Tech Bureau believes that these blockchains can replace traditional databases, create point systems, payment services, online games, airline mileage programs, logistics, insurance, financial systems and management systems.

Comments from朝山贵生Takao Asayama:

“If the Mixun blockchain project is used effectively, security can be improved while redundant, high-reliability and backup systems are removed. Our goal is to reduce the infrastructure costs of financial institutions to 10% of the current level by the end of 2018.”

Masakazu Masujima, legal counsel for Tech Bureau Co., Ltd. from Mori Hamada Matsumoto Law Firm in Japan, added:

“Compared to Bitcoin, the key difference of the Mijin project is that it allows for private blockchains, which has the potential to completely change financial, logistics and management systems, so it is a very meaningful creation.”

The solution will provide an initial throughput of up to 25 transactions per second (tx) by the end of 2015 using geographically dispersed nodes, with the goal of providing up to 100 tx per second by the end of 2016.

Within the private network, Mijin will be able to provide a powerful capacity of several thousand tx per second, achieving efficiency matching that of a credit card business center while ensuring low infrastructure costs.

Makoto武宫诚, CTO of Tech Bureau and core developer of Bitcoin 2.0 project NEM, said:

“NEM was developed from scratch over 18 months, and the expertise and experience of the NEM team will enable XFX to build the best private blockchain system in the world.”

In 2016, the Mijin project will conduct closed beta testing with several partner companies, with the goal of releasing its open source version in the spring. Tech Bureau also plans to implement smart contracts by connecting to the main NEM blockchain.

NEM, built in Java programming language, is a blockchain technology platform that uses proof of importance (POI) as a blockchain consensus algorithm. The POI consensus algorithm generates importance scores based on the balance of each account, account activity, and the activity of accounts interacting with it. NEM also integrates the Eigentrust++ reputation algorithm, multi-signature function, information encryption function and a system-level encapsulation of a C/S web architecture.

NEM platform has recently added MofN multi-signature technology, and is the first to propose and implement the multi-signature account with partial signature. Its multi-signature function is implemented in the client, and its ease of use is obvious.

The NEM Chinese Community Fund has officially begun to adopt MofN multi-signature. The fund aims to promote the development of NEM in the Chinese circle.

Looking back at the recent major events in the NEM circle, it is not difficult to find that NEM-affiliated applications and even companies are springing up like mushrooms after rain, which embodies the efforts and wisdom of everyone in the decentralized NEM community. Miding Technology Co., Ltd. recently unveiled its mystery and announced that it would cooperate with the International Free Trade Zone Bank to create an exchange that can support legal currency against XEM. Hongting Pay will use NEM technology to provide the most economical and convenient mobile payment solution. Mixun has also provided NEM with an extraordinary business opportunity to develop a super network. In the year when the NEM ecosystem takes shape, the surprises will live up to expectations!