IBM To Collaborate With AEON On Digital-Friendly Payments

IBM To Collaborate With AEON On Digital-Friendly Payments

Japanese retail company AEON and IBM Japan are to build a blockchain financial services and payments platform for customers and enterprises in Asia.

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Japanese retail company AEON and IBM Japan are to build a blockchain financial services and payments platform for customers and enterprises in Asia.

AEON, Japan`s largest retailer, is reportedly offering financial services like banking, credit and micro-finance to customers in Japan and 11 other Asian countries. This is possible through their financial arm.

Now AEON Financial is said to work on a blockchain-based financial platform that hopes to increase financial inclusion in some of the underserved countries. The project is to be realized in collaboration with IBM Japan, as the online media made clear.

The trial is to be seen as early as July. Also, it will take place on the Hyperledger Fabric, an open-source blockchain framework led by the Lunux Foundation. IBM is one of the first companies to take part in the Hyperledger project, a cross-industry collaborative initiative to work on open-source blockchain services.

“As an innovative technology, blockchain has the potential to revolutionize the way businesses work together with their ecosystem partners. The technology establishes accountability and transparency while streamlining business processes.”, as IBM Japan’s Yoshiki Minowa said in an interview with cryptocoinnews.com.

“We foresee great opportunities in using blockchain to build this platform, and will aim to use it to improve our current financial services offerings, as well as offering new services to underserved customers in Asian countries.”, as Masaaki Mangetsu, AEON Financial’s managing director for global business strategy, commented.

Projects like this platform are thriving in Japan that has recently seen rise in the use of blockchain technology. Cryptocoinnews.com has released previous reports regarding possible implementations like the land registry and the national payment platform.

It remains to be seen how the blockchain technology will change the country`s financial ecosystem.

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