Blockchain Technology Being Demonstrated in Crossborder A group of Japanese companies are starting a demonstration to verify the applicability of blockchain technology as a way to streamline and upgrade crossborder trade operations. The participating companies will input information of real trade transactions using a blockchain-based application, by which a wide variety of documents, including trade agreements and logistics/insurance documents are digitized, recorded, and shared among participants.
By comparing against current operations, the test is intended to verify the effectiveness of blockchain technology for enhancing security and reducing the time required to settle crossborder trade transactions, discrepancies among related documents, and administrative costs. Further, looking to commercialization, the technology will be evaluated for its viability in crossborder trade business operations.
The participating companies are Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), the Japan Research Institute (JRI), Mitsui & Co., Mitsui OSK Lines (MOL), Mitsui Sumitomo Insurance Company (MSI) and IBM Japan. In the demonstration test, SMFG, SMBC, and JRI aim to use new information technologies proactively, thereby adapting to a fast-changing environment, and ultimately to become a more competitive and innovative financial group and continuously upgrade the quality of customer service.
The demonstration test was planned with Silicon Valley Rep. Office.
that conducts research on new technologies. Through the application of blockchain technology to the safe-keeping of legal information, SMFG is committed to adding value and offering innovative new financial products and services. Read more from globaltrademag.com…
thumbnail courtesy of globaltrademag.com