The Hyperledger project is bearing fruits. Two participating companies in the Hyperledger Project, IBM and Bank of Tokyo-Mitsubishi UFJ have signed a contract to develop and use blockchain technology.
A press release in this regard, issued by IBM, states that both the companies will be working together on automating inter-business transactions from next year. The project, built on Hyperledger Project Fabric – a Linux Foundation initiative will be implemented on a pilot scale for a period of one year. Based on the success of the jointly developed blockchain prototype built on IBM Cloud, they may offer it to other businesses in the future.
The press release further stated that the smart contracts based blockchain application can drastically improve efficiency and accountability of service level agreements in multi-party transactions while allowing automation of the involved processes. During the pilot phase, both IBM and Bank of Tokyo-Mitsubishi UFJ will be constantly monitoring the delivery and usage of equipment. All reports are expected to be recorded on the blockchain for increased transparency.
The growing interest in blockchain technology among mainstream banking and financial institutions is a well-known fact. There are multiple consortiums working on developing solutions that can be integrated