The Bank of Japan bitcoin exchange and transfer test in block chain

The Bank of Japan bitcoin exchange and transfer test in block chain

Three large banks in Japan with Japan’s largest bitcoin exchange to test the performance of domestic transfers in the block chain.


The Bank of Japan found in block chain transfer is faster than the traditional money transfer.


According to local media reports of Nikkei today, it revealed some of the details of the test bank, including a key issue: whether the use of distributed ledger is bitcoin blockchain. This is just the speculation, the media’s guess is mainly because the bitFlyer exchange to participate in the test. The bitFlyer exchange is located in Tokyo of Japan, in July 2016 the yen / bitcoin trading volume of trade more than 100 billion yen (about $1 billion).


However, the report confirmed the concept of the test proved lasted for 9 months to complete, this is not disclose the name of the banks to solve the common scheme for bank payment exploration and development block chain. Three giants before the draw bitFlyer block chain experiments have been related to the DDT accounting advisory group.


The blockchain beat traditional banking technology


The researchers found by testing in the chain block, block chain transactions to break the bottleneck of trading can handle 1500 transactions per second (still do not know whether it is bitcoin block chain or license ledger private development). This figure has defeated the current banking system up to 1400 pen / sec.


The media revealed that the bank expects to test soon announced to the public this time nearly a year of testing results.


Three companies involved in the testing of one bank may be MITSUBISHI Bank of Tokyo (MUFG), it is Japan’s largest bank assets. The banks in the early 2016 that would study their digital currency, after the announcement in June of the MUFG token test. MUFG has dabbled in bitcoin and block chain, its investment and cooperation to the United States Coinbase exchange, the bank and the technology giant IBM to catch the line together to participate in the development and implementation of the intelligent block chain contract based super books (Hyperledger) project.



Finally, MITSUBISHI bank Tokyo could become the world’s first released their digital currency bank sometime in 2017. Since Japan officially acknowledged digital currency as the “real money”, around the digital currency and block chain technology lively activities in the same year come, at the same time, when the Japanese government admitted that the digital currency, Japan has also introduced a related bill to regulate digital currency exchange.

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