According to a report by Japanese news outlet Nikkei, seven Japanese companies are looking at investing in a new trade management data system. The platform which has been developed by NTT Data makes use of Blockchain technology to keep out malicious actors and secure data.
Data management has come out as a strong use case for Blockchain technology and many companies are beginning to warm up to this. The NTT Data-provided platform will manage receipts for importing and exporting companies while also managing letters of credit, issued by banks. Documents issued and received by insurance and logistics companies are also in the purview of this solution and will be secured as well.
The seven companies that are looking to patronize the new system are expected to have it launched by the end of the financial year. The firms which are looking to use the platform, which has successfully been used by Mitsubishi, are; Sompo Japan Insurance, MUFG Bank, Toyota Tsusho, Kanematsu, Tokio Marine and Nichido Fire Insurance.
The platform providers have made big moves before that saw the signing of huge partnership deals in Japan. Two years ago they linked up with the Japanese government by setting up an agreement with the country’s New Energy and Industrial Technology Development Organization. The organization is a subsidiary of Japan’s Ministry of Economy and will work with NTT Data to develop a Blockchain platform for the trade industry.
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