Seven Japanese firms Employ Blockchain Platform to Digitize Trade Paperwork

As per a report published by Japanese media outlet The Nikkei, seven Japanese enterprises are working out the modalities of investing in a distinct trade data administration platform, developed by NTT Data.

The platform, based on blockchain technology, will be structured to prevent alteration of recorded data by third parties in an illegal manner.

The platform has been structured to administer payments for exporters and importers, in addition to handling L/Cs (letter of credit) issued by banks. The latest service will also assist in handling other associated records processed by logistics firms and insurers.

As indicated, the partaking enterprises include a top Japanese bank, Kanematsu, Toyota Tsusho, MUFG Bank, Sompo Japan Insurance and Tokyo Marine & Nichido Fire Insurance.

As per Nikkei, the enterprises hope to roll out the unique service by the end of this fiscal year. The piloting of the system has been completed already by enterprises such as Mitsubishi, with the outcome indicating a decline in data processing time by 50%.

It can be remembered that NTT Data collaborated with Japan based New Energy and Industrial Technology Development Organization, a sister concern of Japan’s Ministry of Economy, two years back. The partnership’s main objective was to develop a blockchain platform for the trade sector.