Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, The Japan Research Institute, Mitsui & Co, Mitsui O.S.K. Lines, Mitsui Sumitomo Insurance Company, and IBM Japan, agreed on a demonstration test in December 2017 to verify the applicability of blockchain technology as a way to streamline and upgrade cross-border trade operations.
In this test, the participating companies will provide information of real trade transactions using a blockchain-based application, by which a wide variety of documents are digitized, recorded and shared among participants.
The test aims to verify the effectiveness of blockchain technology for improving security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs. Further, the technology will be evaluated for its viability in cross-border trade business operations.
SMFG, SMBC, and JRI will use the new information technologies proactively, to adapt to a fast-changing environment.
Mitsui & Co. aims to achieve better productivity in trade transactions and gain new business opportunities.
MOL is expected to offer related expertise to the demonstration test, and aims to enhance its services with ICT technologies.
MSI, from the test, will provide services developed using advanced technologies, such as blockchain and IoT.
IBM participates, as well, in Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies hosted by The Linux Foundation. The demonstration test will use Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects, MOL said in a statement.
