Japan’s Fujitsu has announced the launch of a new platform that uses ConnectionChain blockchain technology to connect different economies. The launch comes after completing a year-long pilot trial focusing on cross-border securities settlement in regions such as Japan, China, South Korea, and Southeast Asia.
Fujitsu to Use Blockchain and Web3 to Connect Different Markets
In a Thursday press release, Tokyo-based global information technology solutions company Fujitsu revealed that it aims to launch the Fujitsu Web3 Acceleration Platform on June 30. The platform will leverage ConnectionChain blockchain technology to connect different economies and streamline cross-border securities settlements in regions such as Japan, China, South Korea, and other Southeast Asian nations.
Fujitsu Web3 Acceleration Platform was developed with the Philippines-based Asian Development Bank, blockchain infrastructure firm ConsenSys, digital finance solutions provider R3, and Tokyo-based tech company Soramitsu.
The project initially began as a year-long pilot trial early last year. The trial demonstrated the effectiveness of the technology in improving cross-border securities settlement and enhancing the safety of financial transactions between different economic areas.
“Based on the results of the project, Fujitsu will begin offering a trial environment, ”Fujitsu Web3 Acceleration Platform,” which integrates “ConnectionChain” to enable flexible, secure connectivity across multiple economies from June 30, 2023,” the announcement said.
The Fujitsu Web3 Acceleration Platform offers several Data e-TRUST technologies to partners participating in the Fujitsu Accelerator Program for CaaS, the company’s global partner co-creation program for its Computing as a Service platform. The new platform will leverage blockchain and Web3 to expand and connect markets.
It is worth noting that Fujitsu is one of the Japanese companies involved in establishing a “Japan Metaverse Economic Zone.” The company, along with 10 other Japanese tech firms, has agreed to advance Japan’s metaverse plans by building an open metaverse infrastructure called “Ryugukoku.”
Fujitsu is a major Japanese electronics, computers, information technology, and telecommunications company with over 500 subsidiaries and affiliates worldwide. The company reported consolidated revenues of 3.7 trillion yen ($28 billion) for the fiscal year ended March 31.
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Japan Ramps Up Regulatory Efforts to Fight Money Laundering
Last month, Japan’s cabinet enforced stricter anti-money laundering (AML) regulations to trace all cryptocurrency transactions. The regulations involve bringing the country’s legal framework in line with the global standards of the FATF, which has reportedly deemed Japan’s anti-money laundering measures insufficient.
One critical aspect of the revised framework is enforcing the so-called travel rule. This will ensure that information on customers who engage in crypto asset transactions is fully disclosed between financial institutions, including their names and addresses.
The rule also requires financially identifiable data to be included in each step of a given transaction. This is expected to make it more challenging to launder money and channel criminal proceeds through legal financial transactions.
The move came after it was revealed that Japan had been the biggest victim of North Korean hackers. As reported, hacker organizations tied to North Korea stole $721 million from Japanese companies between 2017 to 2022, according to an Elliptic study commissioned by Nikkei.
How do you think the Fujitsu Web3 Acceleration Platform launch would impact Japan’s crypto ecosystem? Let us know in the comments below.
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