Josh Althauser is a tech entrepreneur and open source advocate specializing in providing mentorship for startups for their marketing technol Josh Althauser is a tech entrepreneur and open source advocate specializing in providing mentorship for startups for their marketing technology. He is also a reporter with The Cointelegraph. You may connect with him on Twitter.
Yesterday, Japanese IT major Fujitsu announced its new ConnectionChain payments technology aimed at facilitating transactions between blockchains.
The payments system intends to provide a means for different cryptocurrency networks to interoperate with each other.
In a statement, the company said that there is an increasing number of activities around digital currency exchanges and initial coin offerings (ICO).
“Settlement between virtual currencies managed using Blockchains [sic], however, requires a reliable application to handle the currency exchange processing at the boundaries between the Blockchains [sic], and ensuring transparency in this process has been an ongoing issue,” the company said in the announcement.
According to the Fujitsu, the payments technology can resolve the issues surrounding such transactions by inter-connecting multiple blockchains and executing a single transaction process that can be automated.
Part of Fujitsu’s description of its new product reads:
Fujitsu Laboratories has now developed an extension of smart contract technology which inter-connects multiple Blockchains [sic] by recording the series of related transactions on each chain in a dedicated Blockchain [sic], or a “connection-type chain,” to link to the currency exchange into a single transaction process that can be automatically executed. It has also developed a transaction control technology to synchronize execution timing of the transaction process on each chain.
Fujitsu also revealed that it plans to commercialize the technology starting 2018. However, the company claimed that this will depend on the results of additional testing and development of the product:
Fujitsu Laboratories will continue expanding this technology beyond currency exchange to areas such as high-trust data exchanges between companies and contract automation, while also continuing to conduct trials in a variety of fields, with the goal of commercialization in fiscal 2018 and beyond.
Fujitsu is one of the many companies looking to explore the commercial applications of blockchain technology. Earlier this year, the Japanese tech giant partnered up with banking associations to explore how blockchain can be used in the banking system.
This post was originally published by The Cointelegraph. Check out their excellent coverage and follow them down here:
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