Mitsubishi UFJ Financial Group and Akamai Announce Blockchain Payment Network 9648
News
Sharat Chandra
May 22, 2018 at 1:25 AM

Mitsubishi UFJ Financial Group and Akamai Technologies, Inc have announced their partnership in the development of fastest payment processing platform by leveraging blockchain technology. Last week, MUGF had revealed its plans to bring its cryptocurrency MUFG Coin by 2019.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of rich history, MUFG has an international network spread over 1,800 locations in more than 50 countries. The Group comprises of 150,000 workers, and its service portfolio includes commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. Akamai is the global leader in Content Delivery Network (CDN) services. The company' superior web performance, mobile performance, cloud security and media delivery solutions have transformed the way businesses approach optimization of consumer, enterprise and entertainment experiences for any device, anywhere.

By utilizing MUFG's payments business acumen and experience, Akamai hopes to implement a swifter payment processing system. The cloud delivery platform of Akamai backed by blockchain technology and MUFG's impeccable expertise will be the stepping stone for the global payment network service in the fiscal year 2019.

The press release by MUFG states, "MUFG has partnered in various collaborative research projects with Akamai, focusing on Akamai’s high-speed network and distributed computing technology. As a result, MUFG and Akamai verified that by using this new blockchain technology under realistic business conditions, Akamai’s platform was capable to process transactions in less than 2 seconds, processing a million transactions per second. There is also potential to further develop this processing ability, permitting the handling of 10 million transactions per second. "

MUFG and Akamai’s blockchain-based platform intends to offer higher capacity and unmatched transaction speed while retaining the inherent benefits of distributed ledger technology.

Image via Medium

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