According to a report by the Japanese news agency dated Oct. 26 The Nikkei, Seven Japanese companies are preparing to invest in a new business data management system. Reportedly developed by NTT Data, The platform uses blockchain technology to prevent malicious third parties from manipulating the recorded data.
The platform is used to manage documents from exporting and importing companies and to manage letters of credit from banks. The new service will also help process other related documents that are being processed by insurance and logistics companies.
As reported, the participating companies include a large Japanese bank, MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance Y. Tokio Marine Nichido Fire Insurance.
According to Nikkei, the companies expect to roll out the new service by the end of the current fiscal year. It appears the service has already been tested by companies like Mitsubishi and reportedly The time required for data processing has been reduced by 50%.
As reported in 2018, NTT Data has partnered with the Japan New Energy and Industrial Technology Development Organization, a subsidiary of Japan’s Ministry of Commerce, to collaborate on a blockchain platform for the retail industry.
Cointelegraph reached out to NTT Data with additional inquiries about these developments. This article will be updated until new information is available.