Japanese companies are investing in a new trade data management system powered by blockchain technology, with the potential to introduce significant efficiency savings for companies in importing and exporting goods. According to the Nikkei report, seven companies are reportedly preparing to invest in the new platform, which uses blockchain technology to secure recorded data against risks from external tampering and unauthorized access. The platform in which companies are investing is specifically designed for the needs of firms importing and exporting from Japan.
The platform aims to make data handling more efficient and secure.
The blockchain-powered platform is equipped to deal with documents handled by logistics and insurance companies, aiming to make data handling more efficient and more secure. The Japanese companies participating in the program are some of the country’s biggest corporates, including superbank MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance, and Tokio Marine and Nichido Fire Insurance. The blockchain service is expected to be up and running by the end of the fiscal year and has already been put through its paces by the likes of Mitsubishi.
The system reported improved data processing times by 50% in initial trials.
In initial trials, the blockchain-powered system has reportedly improved data processing times by as much as 50%. Trade data management systems are an increasingly popular application of blockchain technology, proving valuable in managing complex logistics and supply chains. With the benefit of smart contracts and secure, verifiably true data, distributed ledger technology is already demonstrating its capacity to streamline business processes while providing greater security for commercially sensitive data. The platform is developed by NTT Data and the New Energy and Industrial Technology Development Organization, a division of the Japanese Ministry of Economics.