Japan Net Bank Pilots Blockchain Technology to Reduce Costs and Improve Efficiency
PRESS RELEASE: TOKYO – February 7, 2018 — Fintech and cryptocurrency solutions company Tech Bureau today announced that Japan’s first online bank is testing blockchain technology integrations using mijin and Hyperledger. Japan Net Bank, Limited, has initiated a proof-of-concept project to evaluate mijin and Hyperledger for paperless contract administration.
Currently, Japan Net Bank’s drafting process is cumbersome and involves a back-and-forth of emails and paper documents until an agreement is reached. This leaves room for document falsification, which can be costly. By integrating blockchain technology, Japan Net Bank aims to create an unfalsifiable ledger of file views, edits, approvals, and rejections to massively improve contract drafting.
Through this proof-of-concept project, Japan Net Bank will create a link between mijin and Hyperledger, with data logged on both blockchains. If one blockchain fails, data will remain secured and a system administrator can view the history of actions on either blockchain. This will help Japan Net Bank to evaluate scalability and security of deploying this technology.
Developed by Tech Bureau, mijin meets versatile enterprise needs with its enhanced private blockchain utilizing the NEM protocol. The mijin blockchain was chosen for this proof-of-concept because it is suited to a wide range or applications, enables secure access, and features a user-friendly back-end. mijin also encrypts hashes and user signatures, affixing a time stamp that is accurate down to the second for each transaction and coded into the blockchain.
Japan Net Bank’s proof-of-concept is scheduled to be completed end of March 2018.
Developed by Tech Bureau, mijin is designed to meet versatile enterprise needs with its enhanced private blockchain utilizing the NEM protocol that easily creates blockchain platforms on peer-to-peer networks. The blockchains can be used internally or in collaboration with partner companies in a cloud or other shared data environments. The mijin blockchain creates a secure data-sharing environment with high performance, zero downtime, and unfalsifiable data, while reducing the cost of conventional infrastructure. mijin has been tested extensively as a high-throughput ledger engine in financial institutions, electronic money systems, user authentication, land and property registration, logistics tracking, and food traceability.
About Tech Bureau Group
Tech Bureau, a fintech and cryptocurrency group company in Japan, the U.S., and Europe, develops software and services for blockchain technology. Tech Bureau has developed mijin, a private blockchain software, and Zaif, a Bitcoin and cryptocurrency exchange platform. Tech Bureau recently launched a one-stop solution, “COMSA”, that provides companies with consultation, expertise, and solutions to support their very own ICOs and implementations of blockchain technology into their businesses.
For more information, please see the following URLs:
Press contact, Tech Bureau: Fujita / firstname.lastname@example.org / +81-6-6533-2230
About NEM.io Foundation Ltd
NEM.io Foundation is a non-profit organization based in Singapore, set up to promote NEM’s blockchain technology globally. It is currently one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
For more information, please visit: www.nem.io
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