Fujitsu Cloud Adopted by Japanese Bankers Association for Blockchain-based Testbed
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.
Overview of the Fujitsu Cloud Service-based Blockchain Platform
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.
Figure: Collaborative Blockchain Platform
(1) Hyperledger Fabric
A blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. Fujitsu participates in this community as a premier member.
Application Programming Interface. A protocol stipulating data formats and procedures allowing the functions and data handled by one computer program to be called externally by another program.
About Fujitsu Ltd
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 155,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.5 trillion yen (US$40 billion) for the fiscal year ended March 31, 2017. For more information, please see http://www.fujitsu.com.