A group of nine Japanese banks are set to trial a blockchain-powered interbank settlement system developed by Fujitsu. The field trial will see the Japanese Payments Clearing Network (Zengin-net) use a dedicated digital currency and a Fujitsu-built blockchain-based platform for interbank settlement. The participants want to test the viability of the technology for small-scale transactions using a real-time gross settlement method. The trial will also use a P2P money transfer platform developed by Fujitsu last year to generate the money transfers that trigger interbank funds transfer settlement.
Fujitsu has developed a blockchain - based platform which enables fast interbank settlements . The platform will now be developed by the Japanese Payments Clearing Network , a group of nine banks in the country seeking to test the technology to determine its viability for small - scale transactions which use a gross payment method in real time . Fujitsu 's peer - to - peer money transfer platform , which produces the money transfers which trigger the settlements , will also be trialled as part of the platform .