Japan’s biggest Bank, Mitsubishi UFJ Financial Group (MUFG), has partnered with major U.S based cloud delivery platform Akamai Technologies to release a global payment network that will boost the speed and lower the cost of payments.
The use of blockchain payment will allow 1 million transactions per second at latencies of less than 2 seconds, meaning the time it takes to confirm a batch of transactions on the ledger, the companies said. The service is expected to be capable of handling 10 million transactions per second as they continue to improve the technology.
Nobuyuki Hirano, President and group CEO of MUFG said in a statement, “For years, the financial industry has sought to utilize blockchain to secure and hasten transaction processing, and lower associated costs,”. He stated this firm is confident that it will “support significantly greater volumes of high-speed payment transactions without compromising the level of security required to combat fraudulent transactions.”
With blockchain being a buzzword amongst many banks and companies such as Walmart, JP Morgan Chase, Maersk, Airbust and IBM – it is certain that we will see more organizations banking on blockchain to revamp their database in future.