Japanese banks are planning on testing the system of transactions based on blockchain to create an alternative to traditional bank payments, reports Nikkey.
The main goal is to determine the potential and economic efficiency of a blockchain system. In particular, the use of technology in international transactions is considered.
Nowadays, Japanese banks use the system with national transfers available only during working days until 3:30 p.m. Blockchain is seen as a system available 24 hours a day.
The blockchain consortium involves large financial institutions as well as small banks. There are approximately 60 participants in total.
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