Japanese Fujitsu tests cloud-based blockchain service

Japanese Fujitsu in partnership with other companies tests blockchain  platform for p2p-payments
13 October 2017   984

Japanese Fujitsu teams up with Mizuho, Sumitomo Mitsui and Mitsubishi UFJ Financial (MUFG- Japan’s largest bank) in order to conduct a joint field trial of a person-to-person money transfer service powered by blockchain technology. The trial will begin in January 2018 and last for about three months.

Money transfer service by Fujitsu
Image credit: Fujitsu

Thus, Fujitsu is to develop a "cloud-based blockchain platform for money transfers between individuals that can be jointly used by these three major banks, as well as a smartphone application that allows users to easily handle the different steps for sending money and for making deposits and withdrawals".

The company and the three major banks will verify that this system can seamlessly link a money transfer account for individuals set up on this platform with the user's actual bank account. The field trial will additionally confirm whether the new platform can accurately and securely handle a series of processes, including transferring value between money transfer accounts for individuals, as well as clearing and settlement.

Through this field trial, Fujitsu will work to develop a service platform that is highly convenient for users in an increasingly monetarily diverse, cashless society.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   55

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.