Japan: Fujitsu to Conduct Blockchain Field Trial of Money Transfer Service

On October 10, 2017 Fujitsu, the IT products and services company, announced that it has reached an agreement with Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. to conduct a joint field trial of a person-to-person (P2P) money transfer service using blockchain technology. The trial is expected to commence in January 2018 and last for three months.

Fujitsu is set to develop a cloud-based blockchain platform for money transfers between individuals that these three banks would be allowed to use. A smartphone application is also being developed to enable users to easily send money and make deposits and withdrawals.

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