[2016-08-21] The Bank of Tokyo-Mitsubishi and Hitachi to Test a Blockchain-Based

[sirohige]

The institution and private companies –who focus on technology products and systems– have developed a prototype that will enter a test phase as soon as Monday, August 22. The effort will take place in Singapore, and it is the first time a Japanese-lead FinTech effort takes place overseas.

The goal of the venture is to have a cross-border validation system that can be used by bank and businesses to quickly validate and confirm payments made by check. The system could enter full fledge operations by 2018 at the earliest, according to the original source of the information (Nikkei).

The publication also notes that the benefits for the companies launching such system could be an increased presence in the finance technology sector, which, according to the publication, has been lacking in the Asian region.
http://themerkle.com/the-bank-of-tokyo-mitsubishi-and-hitachi-to-test-a-blockchain-based-system-for-check-processing/

[yayayo]

Instead of using something that already works securely on a global scale (Bitcoin), banks insist on developing a whole bunch of private solutions. These efforts are comparable to founding a new AOL with the intent of competing with the internet. The development money for these projects is wasted.

Private, centrally controlled blockchains make no sense at all. Whatever the reason may be, bankers consistently ignore the fact that the blockchain was invented to avoid central control of Bitcoin as a currency / transaction system. If you want something in your control, you can use traditional data banks that are much more efficient for the task at hand.

The system will be outdated by the time it is ready for operation. It will face the same fate as MintChip, the Canadian attempt to establish some kind of governmental Paypal 2.0.

ya.ya.yo!