Fujitsu’s “ConnectionChain” Streamlines Cross-Border Transactions


TL;DR: Fujitsu successfully completes a year-long pilot project for its “ConnectionChain” blockchain technology, demonstrating its effectiveness in enhancing the safety and efficiency of cross-border transactions. The technology is set to be integrated into the Fujitsu Web3 Acceleration Platform, offering secure connectivity across multiple economies and paving the way for new applications in various industries.

Fujitsu completes pilot for its proprietary “ConnectionChain” blockchain technology

Fujitsu has completed a year-long pilot project for its proprietary “ConnectionChain” blockchain technology in collaboration with the Asian Development Bank, ConsenSys Software, R3, and SORAMITSU. The project demonstrated the effectiveness of the technology in streamlining and enhancing the safety of cross-border transactions of financial securities. The trials focused on improving cross-border securities settlement in regions including ASEAN, Japan, China, and South Korea.

Based on the successful results of the pilot project, Fujitsu plans to offer a trial environment called the “Fujitsu Web3 Acceleration Platform,” which integrates “ConnectionChain” to enable flexible and secure connectivity across multiple economies.

The platform will be available from June 30, 2023, and will provide various technologies under the “Fujitsu Computing as a Service Data e-TRUST” umbrella to partners participating in the “Fujitsu Accelerator Program for CaaS.”

Fujitsu envisions applications for the technology in various industries beyond finance, including distribution and manufacturing. The company aims to promote the implementation of Web3 technologies such as blockchain by conducting verification tests with different partners, ultimately creating new markets through “Hybrid IT” as part of its vision for a connected society under “Fujitsu Uvance.”

Development function added to “Data e-TRUST”

Adding ledger linkage function to Data e-TRUST
Adding ledger linkage function to Data e-TRUST

“ConnectionChain” will be added to “Data e-TRUST,” enabling the “Extended Smart Contract” feature to function autonomously. This feature allows multiple external blockchains to operate as one integrated system. To connect different types of blockchains, Fujitsu has incorporated plugins called Cacti-LP, developed by the “Hyperledger Cacti” project hosted by the Hyperledger Foundation, to streamline development and ensure interoperability.

Fujitsu plans to further develop Cacti-LP to connect “Data e-TRUST” with third-party blockchains supporting Hyperledger Cacti. The company aims to contribute the source code to the “Hyperledger Cacti” development community, accelerating the delivery of Web3 services to external partners.

Pilot project of “ConnectionChain” for cross-border securities settlement

The pilot project for cross-border securities settlement involved the interconnection of networks between Fujitsu, the Asian Development Bank, ConsenSys, R3, and SORAMITSU through “ConnectionChain.” The project aimed to improve the efficiency and safety of cross-border transactions, including overseas remittances and the delivery of securities.

The system successfully implemented three decentralized ledgers, managing the balance of legal currencies and the ownership of securities, according to current transaction rules observed by financial institutions involved.

The trial targeted regions with extended settlement times due to time differences and market transaction variations, such as ASEAN, Japan, China, and South Korea.

Fujitsu developed the cross-border securities settlement system with the anticipation that central banks and securities settlement institutions worldwide may adopt it in the future. The system connects decentralized ledger technology and blockchain-based financial systems developed experimentally by ConsenSys, R3, and SORAMITSU with the “ConnectionChain” technology.

Read Also: Fujitsu Launches A New Web3 Acceleration Platform to Support Developers Globally

#Fujitsus #ConnectionChain #Streamlines #CrossBorder #Transactions

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