Introduction of Blockchain
In recent years, financial institutions and many other companies have been announcing and reporting on the decision to introduce blockchains.
What is the merit of introducing blockchain to a company?
The main advantage of blockchain technology is that there is no need for an intermediary and falsification is difficult.Therefore, all network participants can refer to the same record.
Examples of Industry Introduction - Toyota’s Automated Driving Vehicle Development
In May 2017, the automobile manufacturer Toyota participated in the “Enterprise · Ethereum” event which specializes in “to B” use. Toyota announced a partnership with Massachusetts Institute of Technology and Stanford University to introduce blockchain technology, presenting the concept of using blockchain to develop automated driving vehicles.
When developing automatic driving vehicles, it is necessary to analyze a huge amount of manned running data.
To normalize automated vehicles, the company must disclose these processes and gain consumer trust. Utilizing block chains is one way to share information safely between consumers and manufacturers. Blockchain can be used to record movement data and other infor
Examples of Industry Introduction - Toyota’s Automated Driving Vehicle Development
mation in a form that is difficult to alter. This enables the development of reliable and safe automatic driving vehicles for consumers.
Examples of Introduction to Financial Institutions - Streamlining Bank-to-bank Settlement
Financial institutions are aiming for inter-bank settlement, especially for international remittance, via blockchain.
In October 2016, leading credit card company VISA announced the start of an international payment service that enables simultaneous overseas remittance using blockchain (for companies).
In order to execute traditional international remittance, it is necessary to go through multiple intermediary banks through the “SWIFT network,” an international bank-to-bank settlement system.
This system faces problems such as a complicated remittance procedure, high fees, and slow completion of remittance.
By using blockchain to carry out international remittance without going through a relay bank, it is difficult to tamper with the remittance record, both financial institutions can refer to the record, and the speed and transparency of international settlements increase.
This article introduced examples of blockchain use by companies and financial institutions, along with the potential merits. The adoption of blockchain is expected to increase in the future, so we will continue to monitor its implementation.