Three of the biggest banking corporations in Japan have partnered bitFlyer, Japan’s biggest bitcoin exchange to test the viability of domestic money transfers over blockchain technology.
The banks discovered that money transfers over a blockchain were just as fast, if not faster compared to traditional money systems.
In a report today by regional publication Nikkei, few details have been revealed, about the banks-led blockchain tests including the crucial snipper of whether or not the distributed ledger used was, in fact, the bitcoin blockchain. It’s merely speculative, due to the involvement of bitFlyer, a Tokyo-based bitcoin exchange operator that recently saw monthly yen-bitcoin transacting volumes exceed 100 billion yen (approx. 1 billion USD) in July 2016.
Still, the report confirms that the proof-of-concept experiment lasted a whole nine months through September 2016, as a part of a concentrated effort between the unnamed banks to explore and develop blockchain solutions for interbank payments. The three banking giants sought the services of the Deloitte Tohmatsu accounting group to form a research forum before roping in the