Online banking service provider The Japan Net Bank has started a Proof of Concept (PoC) project with fintech and cryptocurrency solutions company Tech Bureau.
The PoC project will evaluate the practicality of deploying blockchain technologies mijin and Hyperledger for contract administration.
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The main objective for the PoC is to evaluate the efficiency improvement and cost reduction in the contract drafting process by reducing documentation, edits and associated procedures during signing an agreement with a paperless system.
The PoC, scheduled to end on 30 March this year with a project review meeting, will also look to effect technology exchange and create a linkage between two blockchain technologies.
Under this project, Japan Net Bank is using mijin while FUJITSU is using Hyperledger to develop applications for blockchains, both of which will generate hash data from the contract and register user approvals and rejections.
In case of a blockchain failure, the system administrator can view the history of actions on the other blockchain to realise security of historical data and high-scalability.
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By GlobalDataDeveloped by Tech Bureau, mijin blockchain was selected for this PoC for its user-friendliness as well for its suitability in multiple applications with secure access from both inside and outside of Japan.
The mijin blockchain also encrypts hashes and user signatures affixing a timestamp to every transaction.
