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

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#Japan #MitsubishiUFJ #MUFJ #paymentsystem #blockchain



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