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Japanese MegaBank Mizuho Tests its Own Digital Currency
Japanese banking giant Mizuho has developed a digital currency in partnership with IBM Japan to reduce costs of money transfers, a report has revealed.
The Mizuho Financial Group-
According to a report Nikkei today, the three-
The testing environment is notable in providing insight into just how Mizuho is planning to implement a plausible rollout of its digital currency in the future, in a routine, everyday scenario involving multiple participants on a blockchain controlled by the bank.
The tests did not throw up any problems, according to the report, but Mizuho still sees user privacy as a concern. Safeguarding its user’s information on a common ledger will be key if the bank is to implement services using the digital currency.
Mizuho is tapping into IBM’s blockchain expertise for the digital currency experiment,
using code from the Linux Foundation-
The bank had also performed successful payment settlement trials over a blockchain
earlier this year, resulting in tamper-
Japan’s Big Banks Tap Blockchain and Digital Currencies
Mizuho’s proprietary digital currency tests are almost entirely similar to that of
its competitor and Japan’s biggest bank, the Bank of Tokyo-
With tests confirmed in mid-
While it’s merely speculation at this point. the two banks are likely to be a part of three major Japanese banking corporations to conduct a blockchain pilot for domestic money transfers. Developed in partnership with bitFlyer, Japan’s largest bitcoin exchange, the banks discovered that money transfers over a blockchain were faster than the existing, traditional interbank wire system, which is capable of a peak 1,400 transactions/second. The blockchain test scaled 1,500 tns/sec.