Japan’s largest bank, MUFG, have teamed up with Akamai to create a new blockchain payment network. The hyperscale payment network will be built on the Akamai Intelligent Platform, with a full roll-out of services expected for 2020.
Speed Is the Name of the Game
The Mitsubishi UFJ Financial Group is the world’s fifth largest bank, with an estimated $2.5 trillion in assets, while Akamai are one of the largest content delivery networks in the world, with the intelligent platform containing 240,000 servers in 120 countries. MUFG are looking to enhance their service, and this collaboration is said to have been tested at over 1,000,000 transactions per second, with a latency of under two seconds per transaction. Compare this to Bitcoin, for example, which can process only seven transactions per second with latencies exceeding ten minutes, and this is certainly a product which will change the face of MUFG’s banking services.
Nobuyuki Hirano, President and Group CEO of MUFG, was quoted:
We have high expectations for our partnership with Akamai to provide customers the ability to support significantly greater volumes of high-speed payment transactions without compromising the level of security required for payment networks.
MUFG Crypto for 2019?
MUFG have been mulling over their own cryptocurrency for a few years now, but an announcement last week suggested that a token trial might be ready for 2019. Dubbed the MUFG coin, the trial could involve up to 100,000 live accounts. It certainly seems that MUFG are positioning themselves as major players in the industry, with this latest collaboration adding to their existing investment in Coinbase and previous projects with IBM and Ripple.