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13/02/19 09:00 UTC-4

Mitsubishi UFJ announced the launch of a new blockchain-based payment system

Mitsubishi UFJ: new payment system based on blockchain
Mitsubishi UFJ: new payment system based on blockchain

According to a press release published on February 12, Mitsubishi UFJ Financial Group, (MUFG) in collaboration with Akamai Technologies, officially announced the launch of a new payment system based on the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
.

The new platform, dubbed "Global Open Network", aims to use the capabilities of the MUFG payment industry to consolidate its position in the competitive blockchain payments market.

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Partnership of companies

Mitsubishi UFJ declared about launch of a new blockchain-based payment system. Akamai Technologies is a service provider for website acceleration, content and application delivery platform provider. For the first time, MUFG and Akamai announced a partnership in May last year, publishing a plan for what would become the "Global Open Network", and setting a launch date for the beginning of 2018, which was never implemented.

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"The new payment network will be a service equipped with an interface that can be used as communication and functions for transferring and controlling value through the blockchain", – according to a press release, – "This will significantly reduce transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
costs for all types of payment services and can contribute to a significant increase in the number of transactions."

Editor: Pereyidenko Ihor

See also: "Standard Chartered, the financial services giant, signed a memorandum with Linklogis"

#Japan #MitsubishiUFJ #MUFJ #paymentsystem #blockchain

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