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February 13, 2019

Akamai, MUFJ to launch blockchain payment network

Akamai Technologies and Mitsubishi UFJ Financial Group (MUFG) have formed a joint venture (JV) for the launch of an online payment network that will be powered by blockchain technology.

Dubbed Global Open Network (GO-NET), the new proposition will support existing payment processing functions, pay-per-use, and micropayments.

It will also facilitate other developing IoT-enabled payments.

MUFG group CDTO and GO-NET CEO Hironori Kamezawa said: “Our goal is to enable rapid innovation in digital payment services, leveraging a transformative platform, with built-in security, hyper-scale and efficiencies.

“GO-NET aims to expand the payment network business to a global scale, and enhance the services to support diverse payment ideas in the upcoming IoT era.”

The initiative followed a three-year alliance between the two parties.

The network is expected to be rolled out in the first half of next year in Japan.

Akamai CEO and co-founder Tom Leighton said: “The collaboration between MUFG and Akamai over the last three years has demonstrated what is possible when industry leaders join forces to solve a challenging problem.

“Akamai and MUFG are committed to delivering innovative solutions at a level of security, scale and responsiveness never before achieved.”

A trial of the platform revealed a capacity to process more than one million transactions per second and finalise transactions in less than two seconds.

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