​Blockchain-Based Worldwide Payment Network

Japan’s Mitsubishi UFJ Financial Group (MUFG), together with Akamai Technologies, has declared that a blockchain-based worldwide payment network is anticipated which would help to increase the operating speed and frequency of transactions and lower the price of payments.

As indicated by the organizations and companies, the “hyper-scale” payment network motorized by blockchain cases to be equipped for preparing in excess of 1 million transactions for every second, at latent period of less than  two seconds for each transaction.

The organizations attest in an announcement that the basic blockchain infrastructure is relied upon to be extensible to 10 million transactions for every second.

In fact, the innovation technology, constructed and developed on the Akamai Intelligent Platform, will enable the organizations and companies to present and suggest the new payment network in Japan amid the first half of 2020.

MUFG and Akamai said that the available services are relied upon to incorporate and enter support for current payment processing, pay-per-use, micropayments, and other developing Internet of Things-enabled payment transactions.

A president and group CEO of MUFG Nobuyuki Hirano said, “For years, the financial industry has sought to utilise blockchain to secure and hasten transaction processing and lower associated costs.”

MUFG inked an arrangement with IBM in 2016 to create brilliant contracts and mechanize business transactions in light of blockchain prototyping.

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