Japanese blockchain startup Tech Bureau has announced that Japan Net Bank and Fujitsu are testing blockchain technology integrations using Mijin, Tech Bureau’s private blockchain platform utilizing the NEM protocol, and the Hyperledger platform.
The proof-of-concept project will focus on assessing the practicality of using blockchain technology for a paperless system for contract administration. It is scheduled to be completed by the end of March 2018.
Typically, when two parties aim to formalize an agreement with a contract, numerous emails, edits to contract files, and sign-offs on paper documents need to be made before an agreement is reached. This leaves room for document falsification, which can be costly.
The pilot project will seek to determine whether blockchain technology could help reduce costs and improve efficiency in the contract drafting process. By integrating blockchain, Japan Net Bank aims to create a tamper-proof ledger of file views, edits, approvals, and rejections to massively improve contract drafting.
In this proof-of-concept, Japan Net Bank using Mijin and Fujitsu using Hyperledger will develop two separate applications on the two blockchain platforms. The overall objective will focus on creating a linkage between the two blockchain platforms.
Both applications will generate hash data from unique information from the contract and register user approvals and rejections. In the event of a blockchain failure, the system administrator would be able to view the history of actions on the other blockchain.
Diagram via mijin.io
Mijin is a licensed version of NEM for private blockchain roll out. The platform was announced in September 2015 by Japanese startup Tech Bureau and is targeted at financial institutions for use in areas such as asset management, payment system, contract system, and more.