Fintech and cryptocurrency solutions company Tech Bureau today announced that Japan’s first online bank has initiated a proof-of-concept project with mijin and Hyperledger blockchains to streamline its processes and make them more resilient.
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, said a statement.
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. If all goes well the plan is to scale up the solution.
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 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.
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.
The overall objective is to effect technology exchange and create a linkage between two blockchain technologies. Through the registration of unique hashes and the logging of data such as edits on both mijin and Hyperledger blockchains, regardless of the system the data is entered on first, data is secured in the event of a blockchain failure. Other objectives are to realize high scalability and security.
Japan Net Bank’s proof-of-concept is scheduled to be completed end of March 2018.