AEON Financial Wants to Enable Cryptocurrency Payments Across Asia

AEON Financial Service (TYO:8570) and IBM Japan (NYSE: IBM) have announced that they are building a 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-based financial platform for the Asian market. The platform is expected to enable enhanced settlement and transactions for both consumers and enterprises in Japan and throughout Asia, including cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term between individuals and businesses, loyalty points allocation and redemption, and transaction data management.

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AEON Financial Service, a group of the largest retail companies in Japan, provides a range of financial services including banking, credit and micro-finance to customers in Japan and 11 other countries across Asia.

“Based on settlements and transactions, AEON Financial Service is working to build a platform that will offer various financial services such as virtual currency payments and loyalty points exchange and redemption not only to customers in Japan but also throughout Asia,” said Masaaki Mangetsu, Managing Director, Global Business Strategy, Aeon Financial Service. “We foresee great opportunities in using blockchain to build this platform, and will aim to use it to improve our current financial services offerings, as well as offering new services to underserved customers in Asian countries.”

“As an innovative technology, blockchain has the potential to revolutionize ways businesses work together with their ecosystem partners. The technology establishes accountability and transparency while streamlining business processes,” said Yoshiki Minowa, Vice President, Partner - Cognitive Process Transformation, Global Business Services, IBM Japan. “We are delighted to work with AEON Financial Service to build up a new blockchain-based platform for innovations.”

The trial will be conducted on Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.