Tech Bureau offers “Mijin” to the blockchain application test with regard to Hitachi solutions’ point management solution, “PointInfinity”.
”PointInfinity” is the number one point management solution by national share*1. The objective is to verify the practicality of the function expansion by adopting a private blockchain.
The “Mijin” blockchain, a product Tech Bureau is continually developing and enhancing, is a private blockchain product whose applicable functionality has been proven as a bank, a microfinance ledger and an electronic money core banking system. All instances have been tested within multiple lines of businesses based on organizational and industry needs/use cases.
With this specific application test, the large scale point management solution “PointInfinity” will leverage “Mijin” to verify the predictability of the blockchain technology application that has entered into product development and expansion. Hitachi solutions currently has over 150 million members on their point management solution and Hitachi will engage in this proof of concept. The test started on the 9th of February, 2017.
Initiative in releasing an advanced point service
The Ministry of Economy, Trade and Industry has conveyed that point service is one of the fields that will bring social reform through blockchain technology*2. The overall goal is through expansion of dealings with issuers, points will be used similarly to currency. This could, in turn, result in the creation of countless additional service options.
In this particular blockchain use case, Hitachi solutions will verify the feasibility of “PointInfinity”, through a large amount of transactions and electronic payments on multiple blockchains. In addition, based on the positive result of this test and data analysis, Hitachi solutions will position a plan to enhance its point service model.
An even higher milestone for “Mijin”
Tech Bureau’s “Mijin” is proving it’s applicability in cases where it is assumed the actual use of the core banking system that executes a large number of transactions is over multiple locations, or a point service where transactions of many locations are concentrated in one place, and for electronic money and financial services where complicated interest rate calculations are necessary.
“SAKURA Internet, Arara Inc. and Tech Bureau have succeeded in the operational testing that applies the blockchain model to large-scale electronic money core banking systems”
“Tech Bureau’s blockchain platform “Mijin” has proven the applicability of the core banking system”
“Tech Bureau’s blockchain platform “Mijin” has succeeded in experimenting with application of the point system”
“Infoteria and Tech Bureau have succeeded in a demonstration of private blockchains through the world’s first recording of microfinance core banking data”
“Tech Bureau’s blockchain product “Mijin”, through Arara Inc.’s third party demonstrations, has proven the applicability of electronic money core banking systems”
While it is said that blockchain is unsuitable for the high-speed processing of large quantity transactions, Tech Bureau’s “Mijin” has solidified that the core banking system and its strenuous demands is sufficiently up to the task.
Points management solution “PointInfinity*3”
It is a solution that makes use of an abundance of data-driven results and application know-how. In addition, PointInfinity offers member management and a point (money) management system. The point management service is low-cost solution and can be implemented in a short period of time. It also offers a high level of security.
Private Blockchain “Mijin”
Tech Bureau, is Crypto-Fintech Lab., which develops software and services based on blockchain technology and cryptocurrency technology. Also, as a founding member of “BCCC”, Japan’s largest blockchain business organization, it is currently putting all its effort behind the popularization of blockchain technology.
“Mijin” is software that can build a private blockchain site that is possible to use within your business or inter-business, from the standpoint of the cloud or within the data center of one’s company.
Through an operational test of large-scale electronic money core banking systems, stability was maintained even at times where the test servers took damage, and it succeeded with an average speed of over 3,000 transactions per second and the highest reaching 4,142 transactions being processed with and settled. “Mijin” is being used in such a wide scope, that 311 companies from 15 countries, from financial institutions to electronic money, points, online gaming and logistics, have applied for a demonstration.
About Tech Bureau
Tech Bureau is the cryptocurrency and blockchain technology software service and development company that developed Mijin using NEM technology and NEM developer technical know-how as a part of its Crypto-Fintech Lab. Tech Bureau also runs the Bitcoin and cryptocurrency exchange, Zaif (http://zaif.jp). Blockchain technology related to consulting services are also being provided.
*1 Source: Fuji Chimera Research Institute, Inc. “2016 next generation card solution, electronic money related business market survey outline”
*2 Source: Ministry of Economy, Trade and Industry “2015 outline data for a report on infrastructure maintenance (survey of international and domestic trends related to services that use blockchain technology) related to the computerisation and the shift towards a service industry of Japan’s economic system”
*3 Source: “PointInfinity” is a registered trademark of Hitachi Solutions.
Tech Bureau: Fujita
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