Specifically revealed by news outlet The Nikkei, the new platform – built by NTT Data – reportedly employed blockchain features to stop malicious third-parties from creating any tampering problems with the recorded information.
The platform is particularly developed to carry out management for receipts of firms’ exporting and importing, along with supervising letters of credit generated by banks. The new service will reportedly also help conduct different associated documents, taken care of by insurance and logistics firms.
The corporations joining the project reportedly includes the top-tier bank from Japan – MUFG Bank – along with Toyota Tsusho, Kanematsu, Sompo Japan Insurance and Tokio Marine & Nichido Fire Insurance.
Per Nikkei, the firms are reportedly expected to roll out the new offering towards the end of the current business year. The pilot testing for the project has reportedly seen a few big names, nominally Mitsubishi, to take part in, and has reportedly brought down the needed time to process the data, by 50%.
Previously, NTT Data reportedly teamed up with Japan’s New Energy and Industrial Technology Development Organization – a subsidiary of Japan’s Ministry of Economy – to jointly work on a blockchain solution dedicated to the trade sector.