While Red People's Republic of China tightens its steal on its cryptocurrency community, Nihon is openly embracing cryptocurrencies together with blockchain technology, legalizing bitcoin, together with encouraging together with funding blockchain research.
Even Japan’s banks are onboard, working collaboratively to prepare a blockchain platform specifically for the fiscal sector. With its 120 fellow member banks, the Japanese Bankers Association (JBA) is creating a Collaborative Blockchain Platform together with is actively looking for a society to furnish its blockchain engineering scientific discipline on an ongoing basis.
Experimenting amongst the Collaborative Blockchain Platform, the JBA volition initially produce upwards one's heed which fiscal services best lend themselves to the novel platform, probable including settlement/transfer services, know-your-customer (KYC) systems together with fiscal infrastructure such equally their Zengin System together with Densai Net System.
Japanese bitcoin central bitFlyer is stepping upwards to the plate to accept on tech giants including Fujitsu, Hitachi together with NTT Data to last the supplier of the blockchain platform that volition last used yesteryear Japan’s banks.
Although it is i of the largest cryptocurrency together with blockchain startups inwards Japan, the Tokyo-based bitFlyer has its move cutting out for it if it wants to upset these 3 corporate heavyweights together with win the correct to furnish the bankers amongst a blockchain platform using its miyabi technology.
The company’s COO Bartek Ringwelski told Bitcoin Magazine:
“bitFlyer is the exclusively startup inwards the event, together with nosotros cause got exclusively raised $36mm since 2014, exactly nosotros cause got deep expertise inwards blockchain engineering scientific discipline through our virtual currency central (the largest inwards the globe yesteryear volume, including margin trading) together with our ‘miyabi’ product.”
By vogue of comparison, Hitachi posted $83 billion inwards revenue inwards 2016, Fujitsu posted $47 billion on 2015 together with NTT Data posted $15 billion inwards 2016.
Acknowledging a body of body of water alter inwards Japan’s mental attitude to cryptocurrency, Ringwelski noted that Nihon is actively encouraging together with supporting both cryptocurrencies together with blockchain technology:
“Japan is emerging equally a leader inwards blockchain adoption. Japanese consumers are embracing virtual currencies, regulators are proactive, together with banks are recognizing the mightiness that blockchain, together with specifically miyabi, tin select to the fiscal infrastructure.”
Miyabi Blockchain Technology
The name “miyabi” was outset coined betwixt the ninth to twelfth centuries yesteryear Japanese aristocrats to refer to the subject of elegance together with refinement.
According to Ringwelski, bitFlyer’s miyabi blockchain platform is the fastest inwards the world:
“Based on our research, ‘miyabi’ is the fastest enterprise-grade blockchain technology, delivering 1,500 - 2,000 transactions per minute on average, together with inwards approximately cases, fifty-fifty faster,” Ringwelski said.
Their processing speed of 1,500 to 2,000 transactions per minute compares amongst Bitcoin’s 2 transactions per minute together with Ethereum’s 7 transactions per second. They too approximate that amidst the other 3 competing companies, the maximum speed to crunch is 1,000 transactions per second.
When it launched the competition, the JBA made it clear that safety together with immutability were their outset priority. In their view, exclusively a private, permissioned blockchain could satisfy this requirement.
Going Global
BitFlyer’s CEO Yuzo Kano has said he wants the society to choke global inwards the virtually time to come together with volition begin yesteryear expanding to the U.S.A. marketplace this fall, initially offering bitcoin trading exactly expanding to other cryptocurrencies inside the adjacent year. The society says it has received approving to begin trading from 34 U.S.A. states.
In the meantime, Ringwelski says that they are eagerly awaiting the determination of the JBA:
"The partner ultimately chosen yesteryear the JBA volition stand upwards to choke business office of the amount Japanese banking infrastructure — it would last a large deal. Beyond the value of gaining the JBA equally a novel customer, securing a JBA contract would aid spread miyabi to novel company blockchain applications together with customers worldwide."
Investors inwards bitFlyer include SMBC Venture Capital, Mizuho Capital, Dai-ichi Life Insurance, Mitsubishi UFJ Capital, Mitsui Sumitomo Insurance Venture Capital, Recruit Strategic Partners, Dentsu Digital Holdings, SBI Investment, GMO Venture Partners, QUICK together with Venture Labo Investment.
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