1. Application of Blockchain Technology to Financial Services
Blockchain is attracting attention as new platform technology for financial transactions. With the benefits of reducing costs of intermediaries and making transactions more transparent and tamper-proof, blockchain has the potential to create new financial services and businesses.
Hitachi is a member of the Linux* Foundation*’s Hyperledger Project, which is working to develop standardized blockchain platform, and is developing the technology to achieve the high levels of security and reliability required for social infrastructure systems. As part of collaborative creation with customers, Hitachi and the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) also conducted proof of concept (PoC) testing for using blockchain technology for digitalization of checks in Singapore. In this PoC testing, Hitachi and BTMU communally developed a system in which blockchain technology is used for issuing, transferring and collecting electronic checks, and identified issues from the perspectives of technology and security.
Based on this PoC testing, Hitachi will increase efforts towards putting blockchain technology into practical use, and will contribute towards the global expansion and evolution of financial services.