One of the biggest banks in Japan, Mitsubishi UFJ Financial Group (MUFG) is ready to launch their U.S. tech-backed Blockchain Network.
Working with tech and security firm, Akamai, MUFG will use an innovative platform Global Open Network (GO-NET) to make small payments more affordable and faster. Their plan includes small payment terminals using Seiko Holdings manufactured machines. The terminals will integrate with the bank’s credit card system MUFG NICOS.
“This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs,” said Dr. Tom Leighton, CEO and co-founder of Akamai.
Quick payment processing using MUFG’s Blockchain Technology and credit card microchips will be installed in vending machines in July 2021. This project displays the capacity of blockchain versus traditional payment processors like VISA or Mastercard.
For example, over 100,000 transactions per second can occur on GO-NET compared to just 70,000 transactions per second on the VISA network. Plus, the bank claims that the Network will be able to process up to one million transactions per second when upgraded.
MUFG’s platform has been in the works since 2016 and expects to be fully complete by the summer of 2022. They also plan to launch an MUFG Coin, but they have not stated whether it will be connected to GO-NET.
For more information about how banks are using blockchain read Blockchain Technology to Decentralize the Financial Industry.