IBM has signed a contract with the Bank of Tokyo-Mitsubishi UFJ to examine the design, management and execution of contracts among business partners using blockchain technologies.
The move is the first project built on the Hyperledger Project fabric, an open-source blockchain platform, to use blockchain for real-life contract management on the IBM Cloud.
The Potential to Change The Financial World
IBM and Bank of Tokyo-Mitsubishi UFJ (BTMU) have built a prototype of smart contracts on a blockchain to improve the efficiency and accountability of service level agreements in multi-party business interactions. The bank plans to begin using it to manage contracts within their business in fiscal year 2017.
«Blockchain technology has the potential to change not only the financial world, but also other areas of the business world, leading to improved efficiency of the end-to-end business process,»said Motoi Mitsuishi, Deputy Chief Executive Officer of BTMU Asia & Oceania and General Manager, Singapore Branch and Corporate Banking Division for Asia & Oceania.
At The Watson Centre
Earlier this year IBM announced the launch of the first global research-led IBM Center for Blockchain Innovation in Singapore in collaboration with the Singapore Economic Development Board and the Monetary Authority of Singapore. The unit is located at the Watson Centre in Singapore’s Marina Bay Financial District.
