Another example of the potential for growth in the FinTech industry between Australia and Japan. Marubeni Corporation, together with Mizuho Financial Group and Sompo Japan Nipponkoa Insurance have successfully completed a trial transaction between Japan and Australia entirely over a Blockchain network.
"Blockchain is a form of distributed ledger technology (DLT). It utilizes a system of consensus formation among participants to enable transactions to take place even in the absence of a trusted central authority." (Marubeni Corporation 2017)
Financial transactions, which usually take days to process, can be cut down to just hours using this new form of financial technology (FinTech).
Additionally, the decentralised nature of the technology provides unprecedented levels of security against fraud and processing errors. In a previous trial of blockchain technology conducted in 2016, Mizuho claimed it was “practically impossible to tamper with transaction histories”.
Faster transaction times, increased transaction transparency and bolstered security are just some of the potential benefits found by the trial.
Further improvements in productivity are waiting to be unlocked as the uptake of this rapidly improving technology becomes more widespread.
Read Marubeni's press release here