New Initiative with 100 Biggest Companies in Japan Will Implement Blockchain-Based Security

Blockchain technology is becoming an appealing industry for many regions of the world, and it is about to be a big part of the economy in Japan.

A new initiative for data sharing, which involves 100 of the biggest companies in the country, is reportedly going to create their security system around blockchain, according to Nikkei Asian Review on June 17^th.

This project is not planned to commence until spring 2020, but it will focus on improving efficiency as participants contribute their production data.

The industry organization hosting this project is the Industrial Value Chain Initiative, which was formed four years age. The organization was originally developed by manufacturers that were interested in the tech behind Internet of Things (IoT), and some of the potential participants include DMG Mori, Mitsubishi Electric, and Yaskawa Electric.

In the report from Nikkei Asian Review, the publication explains that blockchain’s use in this project will hopefully “lower the risk of data leaks compared with managing the information on servers, as well as reduce operating costs.”

This decision comes at the same time as others start to gravitate towards the use of blockchain technology in other use cases, as utility providers look to reduce costs and improve efficiency with the tech as well.

Last week, a hashcash proof-of-work system inventor – cypherpunk Adam Back – was a speaker at the G20, discussing the ways that blockchain technology can benefit the financial market. The event includes multiple finance ministers and central bankers.

Based on recent comments, former CEO of Mt. Gox Mark Karpeles is not planning to be a part of this big blockchain movement in Japan. When speaking with Cointelegraph this month, Karpeles shut down the press rumors that were circulating, implying that he would be getting involved with the domestic blockchain industry.