Japan’s Ministry of Economy Partners with NTT Data
August 27, 2018 12:18 pm
According to the reports, Japan’s system integration company, NTT Data is working on a blockchain trading platform. The organization is operating under the guidance of its partner, Ministry of Economy Trade and Industry (METI).
The project is titled as “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT.” The initiative aims to build an infrastructure system which will digitize and enhance the process of logistic data sharing between trade entities. These entities include shipping companies, port authorities, banks, insurance companies and shipping companies.
The platform aims to explore an efficient and accurate system of sharing data by replacing the current process which uses paper-based media or PDF files. Japan’s New Energy and Industrial Technology Development Organization (NEDO) announced a press release. The press release says that these processes would need more work and time consuming manual work.
NEDO’s blockchain project is a joint venture which is held in partnership with Japan’s NTT Data. NTT also published a press release which stated that the firm also plans to introduce the social implementation of a new infrastructure during FY2019.
Recently, Japanese company Sony announced a patent for two blockchain-related hardware.
“The distributed ledger may be a blockchain, which may be based, for instance, on the principles used for the bitcoin blockchain or the like. The distributed ledger uses mining and proof-of-work mechanisms, and it may use some reward (currency), such as bitcoin as a currency and as a reward for performing mining.”
The announcement continued stating that the distributed ledger might consensus mechanisms. The mechanism is to make sure that all electronic nodes have a consensus about the distributed ledger.