Japan’s largest bank, MUFG has revealed plans to launch a ‘hyper-scale’ blockchain payments network which is to be co-developed with cloud delivery giant Akamai for efficient payments.
On Monday, the Mitsubishi UFJ Financial Group (MUFG) released details of its current plans in partnership with US-based cloud content delivery giant Akamai that will see both companies develop a blockchain that was tested to be able to process a million transactions per second under real-world conditions.
The blockchain is also able to process those transactions at capacities within a matter of seconds. The companies hope to update the technology to be capable of handling about 10 million transactions per second.
These are important statements compared to bitcoin blockchain which is presently processing up to 7 transactions per second at a maximum and the ethereum blockchain that has about 20 transactions per second, while Visa, the world’s largest payments network says it can handle 24,000 transactions per second.
Even though there is still little details regarding the blockchain platform, MUFG states that platform is able to conduct transactions at ‘hyper’ speeds by placing all nodes of the blockchain on the Akamai Intelligent Platform, the company’s famous cloud service.
Akamai co-founder and CEO Tom Leighton stated:
“This new blockchain-based online payment system, built upon our cloud platform, will be designed to address the concerns related to scalability, latency, and security that have to date hindered the broader use of blockchain.”