Tech
Fujitsu launches blockchain collaboration technology to create Web3 services: Fujitsu Global
Effectiveness of Fujitsu’s ‘ConnectionChain’ technology for cross-border securities settlement demonstrated in Asian Development Bank field trials
Fujitsu Limited
Tokyo, 15 June 2023
Fujitsu today announced the successful completion of a one-year pilot project, which began in January 2022, for its proprietary blockchain technology “ConnectionChain” with the Asian Development Bank, blockchain provider ConsenSys Software Inc., R3 and SORAMITSU , LTD, demonstrating its effectiveness in streamlining and strengthening the security of cross-border transactions (1) of financial securities.
The experiments integrated “ConnectionChain” to create a system capable of connecting multiple blockchains to securely facilitate transactions between different economic areas. The trials focused on improving cross-border securities settlement in regions including ASEAN, Japan, China and South Korea.
Based on the project results, Fujitsu will begin offering a trial environment, “Fujitsu Web3 Acceleration Platform”, which integrates “ConnectionChain” to enable flexible and secure connectivity in multiple economies starting June 30, 2023. The Web3 Acceleration Platform of Fujitsu offers a number of “Fujitsu Computing as a Service Data e-TRUST” technologies to partners participating in the “Fujitsu Accelerator Program for CaaS”, Fujitsu’s global partner co-creation program Fujitsu for its Computing as a Service platform.
Looking to the future, Fujitsu sees applications for the technology for a wide range of payments use cases, not only in the financial sector, but also in the distribution and manufacturing sectors. By conducting verification tests with various partners, Fujitsu will further promote the social implementation of Web3-related technologies such as blockchain, and create new markets through “Hybrid IT“as part of its vision to create the digital infrastructure to achieve a connected society in the world”Fujitsu Uvance.”
Added development function to “Data e-TRUST”
“ConnectionChain”, which will be added to “Data e-TRUST”, allows the “Extended Smart Contract” functionality to work autonomously, allowing multiple external blockchains to operate as a single integrated system. To connect different types of blockchains, it is necessary to develop a connection that absorbs the differences in the specifications of each blockchain, but since each type of blockchain needs to be developed, “ConnectionChain” has optimized this development by incorporating plugins called Cacti-LP（Ledger Plugins） , developed by “Hyperledger Cacti,” an OSS project hosted by the Hyperledger Foundation (2) on the topic of ensuring interoperability. This allows “Data e-TRUST” to connect to the various blockchains supported by “Hyperledger Cacti”, simplifying the creation of new Web3 services.
Fujitsu will also develop Cacti-LP to connect “Data e-TRUST” from third-party blockchains supporting Hyperledger Cacti, and contribute source code to the “Hyperledger Cacti” development community to accelerate the provision of Web3 services to external partners via “Cactus hyperregisters.”
“ConnectionChain” pilot project for cross-border securities settlement
In collaboration with the Asian Development Bank, ConsenSys, R3 and SORAMITSU, Fujitsu has developed a system to interconnect each company’s networks via “ConnectionChain”. Fujitsu has successfully confirmed the operation of a project aimed at improving the efficiency and security of cross-border transactions simultaneously carrying out remittances abroad and delivery of securities assuming their use by central banks and securities settlement institutions in each village. In this experiment, two ledgers were actually built to manage the balance of two fiat currencies and one ledger to manage the ownership of securities, and these three decentralized ledgers were implemented in “ConnectionChain” in accordance with the current transaction rules observed by all financial institutions. institutions involved in the transactions. This project is a field trial aimed at improving the efficiency and security of cross-border securities transactions in ASEAN, Japan, China and South Korea, where settlement takes at least two days due to the time difference between global centers in Europe and the United States States and difference in time of market transactions. Fujitsu, anticipating that central banks and securities settlement institutions around the world might one day use this system, has developed a cross-border securities settlement system by connecting decentralized ledger technology and blockchain-based financial system, which ConsenSys, R3 and SORAMITSU developed experimentally, with “ConnectionChain”.
Related links
- Fujitsu Research Topics
- Fujitsu launches “Fujitsu Computing as a Service (CaaS)” in Japan, a new global co-creation partner program (press release, October 25, 2022)
- Fujitsu launches new platform to support Web3 developers globally (press release, February 6, 2023)
- Fujitsu develops security technology to securely connect blockchains (Fujitsu Laboratories press release, November 15, 2017)
- Fujitsu and Accenture Collaboration Accelerates Trusted Blockchain Interoperability (Fujitsu Laboratories Press Release, May 15, 2020)
- Fujitsu and IHI launch joint project on new environmental value distribution platform using blockchain technology (press release, April 12, 2022)
*Fujitsu Laboratories Ltd. has been integrated into Fujitsu Limited effective April 1, 2021.
Fujitsu’s commitment to the Sustainable Development Goals (SDGs)
The Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 represent a set of common objectives to be achieved globally by 2030.
Fujitsu’s purpose – “to make the world more sustainable by building trust in society through innovation” – is the promise to contribute to the vision of a better future strengthened by the SDGs.
The most relevant objectives for this project
About Fujitsu
Fujitsu’s purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers in more than 100 countries, our 124,000 employees work to solve some of the greatest challenges facing humanity. Our range of services and solutions is based on five key technologies: computing, networks, artificial intelligence, data and security, and convergent technologies, which we bring together to achieve a sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenue of 3.7 trillion yen ($28 billion) for the fiscal year ended March 31, 2023 and remains the largest digital services company in Japan by market share. Find out more: www.fujitsu.com.
Press Contacts
Fujitsu Limited
Public and Investor Relations Division
Investigations
All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. The information provided in this press release is accurate at the time of publication and is subject to change without notice.
Date: June 15, 2023
City: Tokyo, Japan
Agency: Fujitsu Limited
Fuente