Japan’s Mitsubishi UFJ has collaborated with Akamai Technologies to develop a new blockchain payment network, with the capacity to process more than a million transactions per second.

MUFG has combined its payments business expertise with blockchain technology implemented on Akamai’s cloud delivery platform, launching the new payment network service from fiscal year 2019, compatible with Internet of Things and other new technologies.

The two organisations verified that by using this new blockchain technology under realistic business conditions, Akamai’s platform was capable to process transactions in less than 2 seconds, processing a million transactions per second. There is also potential to further develop this processing ability, permitting the handling of 10 million transactions per second.

The new payment network will be a diverse payment service equipped with an interface that can be used as a communications network, and including functions for the transfer and management of value through blockchain. This will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers.

Using Akamai’s globally deployed high-speed and high-security platform, the two firms will utilise this new blockchain’s high-speed processing and secure value transfer abilities to promote pay-per-use, micropayments, and other new IoT generation payment methods, and to support the diverse payment options of the sharing economy by offering an open platform.

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