Chain links up with MUFG for blockchain
Chain, a provider of blockchain technology infrastructure, has teamed with Mitsubishi UFJ Financial Group (MUFG) to build blockchain solutions for Japan’s financial sector.
Satoshi Murabayashi, CIO, in charge of digital innovation, at MUFG, says it wants to “explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”.
This is Chain’s first partner in Japan, and both companies have started their partnership with a blockchain proof of concept for promissory notes.
The platform simulates an environment where businesses “instantly and securely” issue, transfer, sell and redeem promissory notes in a natively digital medium, with “lower costs and risks for counterparties over traditional methods”.
Chain says the solution is designed to give businesses privacy and confidentiality, while at the same time providing transparency to regulators and auditors.
In addition to promissory notes, MUFG and Chain are exploring other areas where blockchain technology can be used in payments and market infrastructure in Japan, and are including other institutions in these efforts.
Adam Ludwin, CEO of Chain, adds that its partnerships with financial institutions are “strategic and long-term, as is our commitment to Japan”.
Earlier this year, and also in Japan, it was reported that Mizuho Bank, Fujitsu and Fujitsu Laboratories have jointly conducted a three-month operational trial using blockchain, which makes it “practically impossible” to tamper with transaction histories.
The trio says this shortens the processing time for cross-border securities transactions, from the current three days to same-day settlement.