Nine Japanese banks are teaming up to trial a blockchain-based inter-bank settlement system using Fujitsu technology.
IT giant Fujitsu announced in a press release Monday that it has been chosen as an "application development vendor" for the field trial that will use a custom digital currency to attempt to achieve low-cost transfer of small-scale transactions using real-time gross settlement. The test is aimed to gauge aspects of the tech such as performance, security and real-world viability.
The nine banks involved in the effort comprise a consortium called the Japanese Banks' Payment Clearing Network (or Zengin - net) and include Mizuho Bank and MUFG Bank.