Japanese Fujitsu tests cloud-based blockchain service

Japanese Fujitsu in partnership with other companies tests blockchain  platform for p2p-payments
13 October 2017   668

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.

BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   65

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.