The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain[1], Cointelegraph Japan[2] reports today, May 21.
Akamai, a Massachusetts-based firm, was able to test the blockchain platform “under realistic business conditions,” showing a capability for processing a million transactions per second and a capacity for finalizing transactions in under two seconds, according to MUFG’s official press release[3].
Tokyo-based MUFG’s and Akamai’s payment network, which will go live starting in the 2018 fiscal year, will include an interface that functions as a communication network, and will allow Internet of Things[4] (IoT) payment methods like pay-per-use and micropayments.
Last week, MUFG’s banking unit – the world’s fifth largest bank by total assets – announced that it plans to trial its own cryptocurrency[5], the MUFG coin, by 2019. The bank has had plans[6] to create its own cryptocurrency since as far back as 2016.
References
- ^ blockchain (cointelegraph.com)
- ^ Cointelegraph Japan (jp.cointelegraph.com)
- ^ press release (www.mufg.jp)
- ^ Internet of Things (cointelegraph.com)
- ^ trial its own cryptocurrency (cointelegraph.com)
- ^ plans (cointelegraph.com)
