Japanese blockchain startup Tech Bureau announced that the Bank, Japan Net Bank, in conjunction with Fujitsu are testing the technology of the blockchain with the help of Mijin – a closed blockchain platform Tech Bureau, using the Protocol NEM and platform Hyperledger.
Mijin is a licensed version of the Protocol NEM to expand private blockchain. The platform was launched in September of 2015 start-up Tech Bureau and is intended for use by financial institutions for asset management, payment systems, contracts, and other segments.
The conceptual design is focused on the application of the technology of the blockchain in the book-entry system of contract management. Complete testing is planned for may 2018.
Usually, before to conclude the contract, the parties are e-mails discussing the terms, conditions and rates, and the achievement of all agreements signed paper copy of the contract. This allows for the possibility of falsification of documents that may entail additional costs.
The objective of the project is to determine whether the technology of the blockchain to reduce the costs and increase the efficiency of the process of drafting the contract. Integrating blockchain, Bank Japan Net Bank intends to establish protected from unauthorized access the registry to view, edit, approve or reject files that should significantly improve the efficiency of the procedure for the preparation of the contract.
During the project, the Bank Japan Net Bank will use the platform Mijin, and Fujitsu platform Hyperledger. Thus, they will develop two separate applications on two different platforms blockchain. The overall objective of the project is to create a connection between the two platforms.
Both applications generate a data hash of the unique contract information and to register approve or reject users. In the event of failure of one of the blockchain, a system administrator can view the history of actions in a different blockchain.