The fifth largest bank of the world will launch the payment system based on the blockchain

The largest Japanese Financial Group Mitsubishi UFJ officially announced plans to launch a new payment system based on the blockchain in the first quarter of 2020.

In the creation of a project that received the name «Global Open Network», the fifth largest bank of the world helps Fintech-company Akamai Technologies. According to developers, the future blockchain platform will be able to study more than 1 million transactions every second, as well as interact with the Internet of things and cloud services. With the help of the innovative system, the Financial Group plans to expand its capabilities and strengthen its position in the new market.

The authorized capital of the joint venture is $ 250 million and the Japanese giant belongs to 80% of the company. The platform will include various payment services that allow you to transmit tools and manage assets using the blockchain to reduce operating costs.

For the first time, partners announced the start of collaboration in the spring of 2018. In addition to this project, MUFJ has been engaged in a blockchair with several European banks and the NTT technological company, and was also going to release

Another Japanese financial giant also stated about such plans. In March 2019, bank holding Mizuho is planning