Hitachi and BTMU Test Blockchain for Cheques Digitalization in Singapore

Japanese mega-corporations Hitachi Ltd. (TSE: 6501, Hitachi) and the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) have announced that they have started proof of concept testing for using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology for digitalization of cheques in Singapore. They developed a system in which blockchain infrastructure is used for issuing, transferring and collecting electronic cheques.

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The developers explain that the digitalization of cheques makes it possible to automate the workloads of intermediaries for checks in financial institutions, to avoid tampering and to speed up settling checks. In addition, it is expected that similar approaches can be applied to payment and supply chain finance in non-financial sectors in the future.

Using the concept system, BTMU issues and settles cheques and some Hitachi Group companies in Singapore receive the electronic cheques and deposit the funds. With the testing, Hitachi and BTMU will be able to identify issues from various perspectives such as technology, security, operation, and legal perspectives, and aim to realize new Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term services including digitalization of cheques.

The developers aim to identify issues for practical use, issuing and settling cheques by blockchain technology on a system developed by Hitachi Asia Ltd., the Asian regional headquarters of Hitachi, Ltd. and BTMU as one of the collaborative creations between Hitachi and BTMU in the Asian region. Based on this testing, Hitachi and BTMU say they will increase efforts towards putting blockchain technology into practical use, and will contribute towards the global expansion and evolution of financial services.