Optimizing Remittance Between Banks and Individuals: A Joint Venture between Mitsubishi UFJ Trust Bank, Datachain, and Soramitsu

It is reported that Mitsubishi UFJ Trust Bank, Japan’s largest trust bank, announced that it is establishing cooperation with Datachain and Soramitsu to smoothly realize the mutual transfer and exchange of various stable currencies scheduled to be issued in Japan, and to improve the efficiency and reduce costs of remittance between banks, companies, and individuals. The plan will conduct a demonstration experiment of “PVP payment”, which means simultaneous payment between different digital currencies on heterogeneous blockchain platforms. This cooperation will involve Progmat Coin, a stable currency platform owned by Mitsubishi UFJ Financial Group, and the regional digital currency issued by Soramitsu for the use of Hyperledger Iroha.

Mitsubishi UFJ Trust Bank is conducting a pilot study on the interoperability of yen stabilized currencies

In this article, we will examine the collaboration between Mitsubishi UFJ Trust Bank, Datachain and Soramitsu, three key players in the realm of digital currencies and remittance. The main objective of this collaboration is to facilitate smooth mutual transfer and exchange of various stable currencies that are scheduled to be issued in Japan. The article will highlight the benefits of this joint venture and how it will revolutionize digital currency transactions.

The Partnership

Mitsubishi UFJ Trust Bank, the largest trust bank in Japan, is partnering with two blockchain startups – Datachain and Soramitsu – to explore how to promote the mutual transfer and exchange of various stable currencies. This partnership is essential in boosting the efficiency and reducing the cost of remittance between banks, companies, and individuals.
This collaboration involves the Progmat Coin, a stable currency platform owned by Mitsubishi UFJ Financial Group, and the regional digital currency issued by Soramitsu for the use of Hyperledger Iroha. A demonstration experiment of “PVP payment” is planned to be conducted. This is a simultaneous payment between different digital currencies on heterogeneous blockchain platforms.

The Objectives

This partnership aims to promote mutual exchange and transfer of various stable currencies, reduce remittance costs, and improve the efficiency of remittance between banks, companies, and individuals. This is a bold move that has the potential to promote the adoption of digital currencies in Japan and other parts of the world.

The Benefits

The partnership between these three global entities is set to bring about a great deal of benefits to digital currency users. Some of these benefits include:

Reduced Transaction Costs

With this joint venture, the cost of remittance between banks, companies, and individuals is set to be reduced. The use of blockchain technology ensures that there are no intermediaries between transactions, which has the potential to reduce transaction costs significantly.

Enhanced Efficiency

The use of blockchain technology means that transactions will be processed faster, which translates to enhanced efficiency. This means that individuals and businesses can send and receive payments in real-time, thereby reducing the overall turnaround time for transactions.

Boosted Security

Blockchain technology provides an immutable ledger that cannot be manipulated. This means that transactions cannot be tampered with, which translates to boosted security. This is essential, especially when it comes to end-to-end transaction security.

Increased Accessibility

The partnership between these three global entities ensures that digital currencies become more accessible to everyone. This includes those who are unable to access traditional financial services. The use of digital currencies will promote financial inclusion, which is a crucial aspect of economic growth.

Conclusion

In conclusion, the collaboration between Mitsubishi UFJ Trust Bank, Soramitsu, and Datachain is set to revolutionize digital currency transactions. The joint venture aims to promote the mutual transfer and exchange of various stable currencies, reduce remittance costs, and improve the efficiency of remittance between banks, companies, and individuals. The benefits of this collaboration are numerous, including enhanced efficiency, reduced transaction costs, boosted security, and increased accessibility.

FAQs

How will this joint venture promote the adoption of digital currencies in Japan?

This joint venture is set to revolutionize digital currency transactions, which will encourage more individuals and businesses to adopt digital currencies in Japan and other parts of the world.

How will the joint venture boost security?

The use of blockchain technology means that transactions cannot be tampered with, providing boosted security and end-to-end transaction security.

What benefits does the joint venture provide for those who are unable to access traditional financial services?

The joint venture promotes financial inclusion, providing accessibility to those who are unable to access traditional financial services.