Today Tech Bureau, a fintech and cryptocurrency solutions company, announced a PoC (Proof of Concept) project with The Japan Net Bank, Limited, the very first online bank in Japan. The main aim of the PoC is to ascertain the practicality of employing blockchain technologies, mijin and Hyperledger, in a paperless system for contract administration.
The impetus for the PoC originates in the need for cost reduction and improved efficiency in the contract drafting process. Typically, when two parties aim to formalize an agreement with a contract, numerous email, edits to contract files, and sign-offs on paper documents take place until an agreement is reached. Consequently in this PoC, a key specification is an unfalsifiable history of file views, edits, approvals, and rejections.
The overall objective is to effect technology exchange and create a linkage between two blockchain technologies. Through the registration of unique hashes and the logging of data such as edits on both mijin and Hyperledger blockchains, regardless of the system the data is entered on first, data is secured in the event of a blockchain failure. Other objectives are to realize high scalability and security.
The PoC project starts today February 6, 2018 and is scheduled to be completed with a project review meeting in March 30, 2018.
In this PoC, Japan Net Bank using mijin and FUJITSU LIMITED using Hyperledger will develop applications for blockchains. Both applications generate hash data from unique information from the contract and register user approvals and rejections. In the event of a blockchain failure, the system administrator can view the history of actions on the other blockchain, thus realizing security of historical data and high-scalability, major goals of this PoC.
This paperless system requires secure file access and storage for users accessing the registered data. mijin blockchain was chosen for this PoC because of its suitability to a wide range of applications, secure access from both inside and outside of Japan, and user-friendly back-end. The mijin blockchain also encrypts hashes and user signatures, and it affixes a timestamp accurate down to the second for each transaction. The accuracy of the timestamp is coded into the protocol of mijin blockchain.