A new payment processing platform is born with a capacity of action of one million transactions per second. Transactions take less than 2 seconds, which is a key benefit.
The Blockchain in the area of monetary products and services
Blockchain service newly developed by Mitsubishi UFJ Financial Group Inc (TYO: 8306) and Akamai Technologies,Inc , has been announced lately.
In less than two seconds, one million transactions can be made with the improvement provided by the two companies.
The new supplier will be available during 2019. MUFG is rich in experience in terms of payment organization, expertise that is more than useful in developing the service deployed. Akamai's cloud delivery platform has strong Blockchain engineering profiles to drive action plans from this effective collaboration.
Many research projects have focused primarily on Akamai's high-speed network and dispersed computing technologies. MUFG and Akamai have been experimenting with the use of Blockchain technology under reasonable conditions. The results were most satisfying, after which the Akamai platform proved its ability to process transactions in less than 2 seconds - with one million transactions per second.
A new interface will include transfer and administration functions of the Blockchain. Transaction costs for all payment services combined will be reduced to a minimum.
Blockchain technology has been used by MUFG before. The company has developed a prototype proof of concept for a Know Your Customer (KYC), a process of verifying the identity of a client, in collaboration with Chinese Banking Corp. Limited (SGX: O39), HSBC and the Infocomm Media Advancement Authority (IMDA) last November.
Facilitate secure access
The KYC chain allows the accumulation, validation and sharing of buyer information and customer consent in a precise, efficient and secure way. There will be less risk of duplication of information and fact of buyers. Also, the need for manual control will be significantly reduced for both financial institutions and buyers.Validation of customer information is greatly facilitated. Since documents are encrypted on the ledger ledger, consultation with federal government registries, tax authorities and rating agencies is transparent. Financial institutions also have the option to keep secure digital recordings of the validation action plan on the shared KYC platform. The audit and regulatory reports are then streamlined.
The protocol was reviewed in February and May last year to ensure continued performance, functionality, scalability, and protection. The system is stable and tamper-proof, despite fluctuating and moving information massively. Confidentiality has been preserved and authentication declared reliable.
In the same vein, note elsewhere the existence of the KYC.Legal project , which has realized its ICO, and which will allow a biometric verification of the identity of users. Elsewhere, and not unrelated, the provider of a Saas solution for the realization of ICO, ICOBox, offers its ICOS ID which makes it possible to have his identity checked only once for all in order to then participate more quickly in ICOs.
What do you think of the partnership between MUFG and Akamai creating a payment platform that processes one million transactions per second? Tell us in the comments section below.