[2016-04-18] Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test

[jdebunt]

Contrary to popular belief, blockchain technology might be more applicable to accounting systems rather than post-trade processing. Although the blockchain can be useful to various aspects of the financial sector, Mijin blockchain infrastructure has shown the world it is possible to use distributed ledgers in an accounting setting. After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

http://bitcoinist.net/japanese-bank-acknowledges-mijin-blockchain-infrastructure-test/

[jabo38]

Contrary to popular belief, blockchain technology might be more applicable to accounting systems rather than post-trade processing. Although the blockchain can be useful to various aspects of the financial sector, Mijin blockchain infrastructure has shown the world it is possible to use distributed ledgers in an accounting setting. After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

http://bitcoinist.net/japanese-bank-acknowledges-mijin-blockchain-infrastructure-test/

Good article. 

I know R3 said they had a test with a chain, but they didn't publish results to my knowledge.  This one was interesting because it was a third party stress testing the Mijin chain using NEM technology, and then said it passed its tests and could be capable of handling a banks load.  As far as I know this is the first time that a major financial institution gave an sign of approval to a blockchain as meeting their needs.

That is pretty important I think, because all of a sudden if the tech not only gets approved but gets used by the private sector at a couple of million transactions per day (actually, I know for a fact it can scale much higher than that) than some more interest and opportunities arise for it on public chains as a tried and tested platform. 

[rockethead]

Contrary to popular belief, blockchain technology might be more applicable to accounting systems rather than post-trade processing. Although the blockchain can be useful to various aspects of the financial sector, Mijin blockchain infrastructure has shown the world it is possible to use distributed ledgers in an accounting setting. After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

http://bitcoinist.net/japanese-bank-acknowledges-mijin-blockchain-infrastructure-test/

Good article. 

I know R3 said they had a test with a chain, but they didn't publish results to my knowledge.  This one was interesting because it was a third party stress testing the Mijin chain using NEM technology, and then said it passed its tests and could be capable of handling a banks load.  As far as I know this is the first time that a major financial institution gave an sign of approval to a blockchain as meeting their needs.

That is pretty important I think, because all of a sudden if the tech not only gets approved but gets used by the private sector at a couple of million transactions per day (actually, I know for a fact it can scale much higher than that) than some more interest and opportunities arise for it on public chains as a tried and tested platform. 

R3 did it more like for trade settlement, not money transactions.

[notthematrix]

[Carlton Banks]

After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

That's right folks, the legacy banking network runs on 1970's technology. Pretty much the only thing protecting your money is how crappy & slow it is, lol.

Remember the recent OpenSSL vulnerabilities? The main reason why almost no-one reviews that code is because the banks have an agreement with the OpenSSL people to write the code in a (apparently highly unreadable/eccentric) way so that it will compile on their punch-card computers. Bitcoin will soon be leaving OpenSSL behind for good, and hasn't relied on it for consensus critical code since 0.12.0.