The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain, Cointelegraph Japan reports today, May 21.
Akamai, a Massachusetts-based firm, was able to test the blockchain platform “under realistic business conditions,” showing a capability for processing a million transactions per second and a capacity for finalizing transactions in under two seconds, according to MUFG’s official press release.
Tokyo-based MUFG’s and Akamai’s payment network, which will go live starting in the 2018 fiscal year, will include an interface that functions as a communication network, and will allow Internet of Things (IoT) payment methods like pay-per-use and micropayments.
Last week, MUFG’s banking unit – the world’s fifth largest bank by total assets – announced that it plans to trial its own cryptocurrency, the MUFG coin, by 2019. The bank has had plans to create its own cryptocurrency since as far back as 2016.
Source: Cointelegraph.com
