IBM and Bank of Tokyo-Mitsubishi UFJ to Use Blockchain for Contact Management Between the Two Companies

IBM, today announced it has signed a contract with the Bank of Tokyo-Mitsubishi UFJ to examine the design, management and execution of contracts among business partners using blockchain technologies.

The two companies will begin by piloting blockchain to automate business transaction between IBM and Bank of Tokyo-Mitsubishi UFJ.

This happens to be the first actual project built on the Hyperledger Project fabric, an open-source blockchain platform, to use blockchain for real-life contact management on the IBM Cloud.

IBM and BTMU have created a prototype of smart contracts on a blockchain platform, to access blockchain for real-life contract management on the IBM Cloud.

This is the one of the first projects built on the Hyperledger Project fabric, an open-source blockchain platform, to use blockchain for real-life contract management on the IBM Cloud.

“Blockchain technology has the potential to change not only the financial world, but also other areas of the business world, leading to improved efficiency of the end-to-end business process,“said Mr. Motoi Mitsuishi, Deputy Chief Executive Officer of BTMU Asia & Oceania and General Manager, Singapore Branch and Corporate Banking Division for Asia & Oceania. “Today, we are embarking on a journey with IBM to exploit the potential of this new technology. We are very pleased with the outcome of the first blockchain proof of concept working with IBM Research and IBM Global Business Services and we look forward to seeing these blockchain applications come to fruition.”

“IBM continues to invest billions of dollars into research on emerging technologies that hold transformative potential for our clients. Blockchain will reinvent complex multi-party and contract-based business models, especially in banking and financial services,”said Bridget van Kralingen, senior vice president, IBM Industry Platforms. “This expands our expertise in helping clients identify the right projects and build out blockchain solutions to solve day-to-day business problems more effectively. We are delighted to be expanding the scope of our partnership with BTMU with this blockchain initiative.”