Fujitsu Laboratories, a research and development division of Japanese IT firm Fujitsu, has developed a new payments technology called ConnectionChain that will facilitate transactions between different virtual currencies.
The new payments system interconnects multiple blockchains by recording the series of related transactions on each chain in a dedicated blockchain, or a ‘connection-type chain,’ to link to the currency exchange into a single transaction process that can be automatically executed.
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The company has also developed a transaction control technology to synchronise execution timing of the transaction process on each chain.
In a statement, Fujitsu said: “With these technologies, transparency of transactions can be guaranteed, because all transaction processes are recorded as a trail in the connecting blockchains, even when they cross multiple chains.”
During the trial run, Fujitsu Laboratories found that when the currency exchange process was executed the entire transaction trail for the virtual currency exchange was recorded in the connecting blockchain.
These technologies can be used to support payments in several of regional currencies, and operators can also easily setup special exchange rates for promotional campaigns.
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