Fujitsu, ConsenSys and R3 Completes Evaluation of Blockchain Cross-Border Financial Securities Transaction Platform
Fujitsu has announced the successful completion of a one-year pilot project that began in January 2022. The project involved collaboration with the Asian Development Bank, blockchain provider ConsenSys Software Inc., R3, and SORAMITSU, LTD to evaluate the effectiveness of their “ConnectionChain” blockchain technology in enhancing the security of cross-border financial securities transactions. The trials focused on integrating “ConnectionChain” to establish a secure system that facilitates seamless transactions across different economic regions by connecting various blockchains. The trials aimed to improve cross-border securities settlement in regions such as ASEAN, Japan, China, and South Korea.
Based on the project’s outcomes, Fujitsu plans to offer a demonstration environment called the “Fujitsu Web3 Acceleration Platform” from June 30, 2023. This platform integrates “ConnectionChain” technology to enable flexible and reliable connectivity across different economies. The “Fujitsu Web3 Acceleration Platform” incorporates the “Fujitsu Computing as a Service Data e-TRUST” technologies, which will be accessible to partners participating in the “Fujitsu Accelerator Program for CaaS.” Fujitsu has initiated a global collaborative effort with its partners to develop its Computing as a Service platform.
Fujitsu envisions various potential applications for this technology, encompassing not only the financial industry but also the distribution and manufacturing sectors. By conducting validation trials with diverse collaborators and fostering new markets through “Hybrid IT,” Fujitsu aims to promote the widespread adoption of Web3 technologies, including blockchain. This project aligns with Fujitsu’s vision of creating the digital infrastructure required to realize a connected society under the framework of “Fujitsu Uvance.”
The “ConnectionChain” feature, which will be integrated into “Data e-TRUST,” enables autonomous execution of the “Extended Smart Contract” capability, streamlining the operation of multiple external blockchains as a cohesive system. To facilitate the integration of different types of blockchains, it is essential to establish connections that meet the specific requirements of each blockchain. “ConnectionChain” simplifies this development process by incorporating Cacti-LP (Ledger Plugins) developed by “Hyperledger Cacti,” an open-source project hosted by the Hyperledger Foundation (2) with a focus on interoperability. This integration allows seamless communication between “Data e-TRUST” and the various blockchains supported by “Hyperledger Cacti,” making it easier to create new Web3 services.
Furthermore, Fujitsu plans to further develop Cacti-LP to enable the integration of “Data e-TRUST” with third-party blockchains that support Hyperledger Cacti. The source code for this development will be contributed to the “Hyperledger Cacti” development community, expediting the delivery of Web3 services to external partners through “Hyperledger Cacti.”
Through collaboration with the Asian Development Bank, ConsenSys, R3, and SORAMITSU, Fujitsu has successfully developed a system called “ConnectionChain” that interconnects the networks of all participating companies. This system has significantly improved the efficiency and security of cross-border transactions, particularly those involving international remittances and securities delivery. It has the potential to be adopted by central banks and securities settlement institutions in different countries. The experiment involved the implementation of three decentralized ledgers within “ConnectionChain” to manage the balance of two legal currencies and the ownership of securities. These ledgers complied with the existing transaction regulations followed by all financial institutions involved in the transactions.
The objective of the initiative is to conduct a field trial to enhance the efficiency and safety of cross-border securities transactions in the ASEAN, Japan, China, and South Korea region. Due to the time zone difference between European and American global centers and variations in market transaction periods, these transactions typically require a minimum of two days to complete. The “ConnectionChain” solution has enabled Fujitsu to develop a cross-border securities settlement system that integrates decentralized ledger technology and blockchain-based financial systems previously developed experimentally by ConsenSys, R3, and SORAMITSU. Fujitsu anticipates that this system will be embraced by central banks and securities settlement institutions worldwide in the near future.