MUFG, Japan’s largest bank, and cloud delivery giants Akamai Technologies are partnering together to launch blockchain based global payment network.
In an official press release, Nobuyuki Hirano, president and group CEO of MUFG said:
“For years, the financial industry has sought to utilize blockchain to secure and hasten transaction processing, and lower associated costs…(they will) support significantly greater volumes of high-speed payment transactions without compromising the level of security required to combat fraudulent transactions.”
The new blockchain being developed will mainly focus on a high throughput. Up to 1 million transactions per second will be supported. Additionally, the platform will confirm such transfers within 2 seconds or less. Even batches of transactions will adhere to this same schedule, which will introduce a lot of exciting opportunities.
The partnership between MUFG and Akamai Technologies is anything but new. They have been working together for past 18 months to build a blockchain built on Akamai's cloud-based Intelligent Platform to handle 1 million transactions per second at latencies of less than 2 seconds. As the firms continue to work on enhancing the technology, they foresee the new service will be capable of processing 10 million transactions per second.
More About Akamai
Akamai is the global leader in Content Delivery Network (CDN) services and the most trusted cloud delivery platform, making the Internet fast, reliable and secure for its customers. The company’s advanced web performance, mobile performance, cloud security and media delivery solutions are revolutionizing how businesses optimize consumer, enterprise and entertainment experiences for any device, anywhere.
More About MUFG
Mitsubishi UFJ Financial Group (MUFG) is a Japanese financial services company headquartered in Chiyoda, Tokyo, Japan. Being the world’s fifth-largest bank by total assets, the company offers comprehensive and tailored financial solutions to clients worldwide. In 2016, MUFG signed a deal with IBM to develop smart contracts and automate business transactions based on blockchain modeling. Recently, the bank announced the plans to launch its own cryptocurrency, the MUFG coin, by 2019.