Fujitsu today announced that the Japanese Bankers Association (JBA) will employ a Fujitsu cloud service-based blockchain platform to be made available over Fujitsu Cloud Service K5.
The Collaborative Blockchain Platform is a financial services blockchain technology testbed environment that JBA plans to provide to its member banks. In this way, JBA plans to offer this Fujitsu cloud service as one testbed environment to its member banks and other institutions starting from October 2017.
JBA will provide its Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for applications employing blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication. JBA will support efforts toward practical implementation of these applications.
Amid rapid advances in Japan and elsewhere in the field of FinTech, a new trend in financial products and services, initiatives to transform the infrastructure for funds settlement and encourage financial innovation employing IT are important from the perspective of improving international competitiveness.
Since 2016, JBA, an association of banks and other organizations operating in Japan, has administered the Review Committee for the Possibility and the Challenges of Utilizing Blockchain Technology, and has undertaken initiatives regarding blockchain. As part of these initiatives, JBA has established its Collaborative Blockchain Platform, a testbed environment for developing financial services employing blockchain technology, and plans to offer it to its member banks and other institutions starting in October 2017.
JBA is providing member banks and other institutions with its Collaborative Blockchain Platform, a cloud service that sits on top of Fujitsu's cloud platform, K5, and is powered by Hyperledger Fabric(1), one of the blockchain frameworks hosted by The Linux Foundation.
In addition to being a blockchain platform, this service includes standardized business APIs(2) such as digital asset management that can be used in a variety of banking operations, as well as other industries' operations with robust security features and more. By using the Collaborative Blockchain Platform, JBA and its member banks can efficiently develop applications for new financial services and quickly test them.