Fujitsu partners with Bankers’ Association to trial Blockchain tech in financial services

Fujitsu, Japan's largest IT equipment and services provider, announced its partnership with the Japanese Bankers Association (JBA), to test the viability of running financial services on a blockchain platform.

The JBA whose membership is comprised of  banks, bank holding institutions and smaller banking associations, guides banks on various issues, including how to utilize new technologies to improve services.

Fujitsu will provide a blockchain platform, built on the open-source Hyperledger Fabric code base, that individual banks within the JBA's ranks can use to test various business use cases.

The association stated: “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.”

Starting October 2017, member banks will begin developing their own applications for the platform, testing out various ideas to determine which are viable for implementation on a real-world basis.

This collaboration marks JBA’s members participation within the rising number of banks that are testing out blockchain technology as a base for financial services.