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Japans largest bank [MUFG] and cloud delivery giant Akamai announce blockchain payment network

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https://cointelegraph.com/news/japans-largest-bank-and-cloud-delivery-giant-akamai-announce-blockchain-payment-network

The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain.”

-> SBI Partner

“Akamai, a Massachusetts-based firm, was able to test the blockchain platform “under realistic business conditions,” showing a capability for processing a million transactions per second and a capacity for finalizing transactions in under two seconds, according to MUFG’s official press release.”

-> Paychan & xRapid?

Tokyo-based MUFG’s and Akamai’s payment network, which will go live starting in the 2018 fiscal year, will include an interface that functions as a communication network, and will allow Internet of Things (IoT) payment methods like pay-per-use and micropayments.“

-> Micropayments has obviously been mentioned by Ripple a lot, and IoT recently also a few times

 

https://www.mufg.jp/english/vcms_lf/news/pressrelease-20180521-002-e.pdf

2. About the Technology
Blockchain’s transaction speed and processing capacity are determined by the
speed of consensus decision-making between the nodes 
that make up the blockchain. The two important factors behind this are the speed of the network between the nodes, and the time required for new blocks within a node to be created and validated. The new service enables higher transaction speed and processing capacity by adopting the following system structure:
(1) Achieving high-speed communication between nodes by positioning all nodes responsible for consensus decision-making on the Akamai Intelligent Platform

(2) Developing a unique design permitting high-speed and high-capacity creation and verification of new blocks within nodes.”

-> Ripple products or something build on top of it?

 

Edited by Amigo

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Online it says their fiscal ends March 2019. Just FYI. 

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It's not ripple based AFAICT. this page has bit more information https://www.bankingtech.com/2018/05/mufg-and-akamai-plan-new-blockchain-payments-service/

They want to use the akamai content delivery network to host the nodes running consensus and also have high speed block transfer. It seems that this has been planned for some time, they recruited back in 2016 https://akamaijobs.referrals.selectminds.com/jobs/principal-architect-blockchain-technologies-1351 Can't find any real info on the internals of the system though.

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Am I reading this right? MUFG is a SBI partner. But they are using Akamai not ripple for their payments?

Can anyone tell if they are somehow using Ripple in the background? I think they’re not....says they’re using Akamai’s blockchain to process transactions in 2 seconds and they can process a million transactions per second. Can someone who knows more chime in about this? 

This is making me a bit nervous....

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1 hour ago, jbjnr2 said:

It's not ripple based AFAICT. this page has bit more information https://www.bankingtech.com/2018/05/mufg-and-akamai-plan-new-blockchain-payments-service/

 They want to use the akamai content delivery network to host the nodes running consensus and also have high speed block transfer. It seems that this has been planned for some time, they recruited back in 2016 https://akamaijobs.referrals.selectminds.com/jobs/principal-architect-blockchain-technologies-1351 Can't find any real info on the internals of the system though.

Lol, I never heared of a system called AFAICT and I went googling ??.

I think it DOES concern Ripple tech. AFAICT ? Akamai building the tech themselves would be too far off their expertise. Hiring somebody to explore the tech seems reasonable, but developping it is a different league. It seems way less risky to adapt a proven model if one is considering to expose real (and loads of) capital to such new tech. And then also comes that a ‘walled garden’ strategy does not seem wise with an internet of value comming closer by the day.

To round up, Ripple filed a patent a while ago on using Consensus in a specific way. The specifics are a bit technical, but maybe that setup increases validation capacity to the insane amounts that were mentioned :)? I can imagine Ripple would give a party like MUFG to give it a try.

 

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10 hours ago, Amigo said:

https://cointelegraph.com/news/japans-largest-bank-and-cloud-delivery-giant-akamai-announce-blockchain-payment-network

The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain.”

-> SBI Partner

“Akamai, a Massachusetts-based firm, was able to test the blockchain platform “under realistic business conditions,” showing a capability for processing a million transactions per second and a capacity for finalizing transactions in under two seconds, according to MUFG’s official press release.”

-> Paychan & xRapid?

Tokyo-based MUFG’s and Akamai’s payment network, which will go live starting in the 2018 fiscal year, will include an interface that functions as a communication network, and will allow Internet of Things (IoT) payment methods like pay-per-use and micropayments.“

-> Micropayments has obviously been mentioned by Ripple a lot, and IoT recently also a few times

 

https://www.mufg.jp/english/vcms_lf/news/pressrelease-20180521-002-e.pdf

2. About the Technology
Blockchain’s transaction speed and processing capacity are determined by the
speed of consensus decision-making between the nodes 
that make up the blockchain. The two important factors behind this are the speed of the network between the nodes, and the time required for new blocks within a node to be created and validated. The new service enables higher transaction speed and processing capacity by adopting the following system structure:
(1) Achieving high-speed communication between nodes by positioning all nodes responsible for consensus decision-making on the Akamai Intelligent Platform

(2) Developing a unique design permitting high-speed and high-capacity creation and verification of new blocks within nodes.”

-> Ripple products or something build on top of it?

 

@JoelKatz @nikb what are your thoughts about  competition from above...???

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On 5/22/2018 at 4:06 AM, Amigo said:

https://cointelegraph.com/news/japans-largest-bank-and-cloud-delivery-giant-akamai-announce-blockchain-payment-network

The Mitsubishi UFJ Financial Group (MUFG) has partnered with major U.S.-based cloud delivery platform Akamai Technologies to release a global payment network based on blockchain.”

-> SBI Partner

“Akamai, a Massachusetts-based firm, was able to test the blockchain platform “under realistic business conditions,” showing a capability for processing a million transactions per second and a capacity for finalizing transactions in under two seconds, according to MUFG’s official press release.”

-> Paychan & xRapid?

Tokyo-based MUFG’s and Akamai’s payment network, which will go live starting in the 2018 fiscal year, will include an interface that functions as a communication network, and will allow Internet of Things (IoT) payment methods like pay-per-use and micropayments.“

-> Micropayments has obviously been mentioned by Ripple a lot, and IoT recently also a few times

 

https://www.mufg.jp/english/vcms_lf/news/pressrelease-20180521-002-e.pdf

2. About the Technology
Blockchain’s transaction speed and processing capacity are determined by the
speed of consensus decision-making between the nodes 
that make up the blockchain. The two important factors behind this are the speed of the network between the nodes, and the time required for new blocks within a node to be created and validated. The new service enables higher transaction speed and processing capacity by adopting the following system structure:
(1) Achieving high-speed communication between nodes by positioning all nodes responsible for consensus decision-making on the Akamai Intelligent Platform

(2) Developing a unique design permitting high-speed and high-capacity creation and verification of new blocks within nodes.”

-> Ripple products or something build on top of it?

 

@JoelKatz @nikb r u there???

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On 5/21/2018 at 12:32 PM, legomaracas said:

Am I reading this right? MUFG is a SBI partner. But they are using Akamai not ripple for their payments?

Can anyone tell if they are somehow using Ripple in the background? I think they’re not....says they’re using Akamai’s blockchain to process transactions in 2 seconds and they can process a million transactions per second. Can someone who knows more chime in about this? 

This is making me a bit nervous....

MUFG has always wanted to use their own crypto currency.

but hey they are just a single bank, the biggest bank in Japan, and Akamai is one of the largest cloud content delivery company in the world, as they serve anywhere between 15% to 30% of all web traffic. So it’s normal to be nervous, as they are in the exact same space Ripple is in. However Ripple does have first mover advantage and have already partnered with many banks and financial institutions.

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On 5/21/2018 at 3:32 PM, legomaracas said:

But they are using Akamai not ripple for their payments?

This platform will be utilized for micropayments, commerce, Internet of Things. Ripple's tech is not in the space right now. 

Keep in mind, Akamai's platform is not bank regulation compliant. We can rule out this being a competitor of Ripple.

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