Mitsubishi UFJ Financial Group (MUFG) and U.S. tech company Akamai Technologies have partnered to develop a blockchain technology service.
The service according to the firms, will drastically reduce transaction times without compromising security.
The news marks the latest plunge by a large corporation in the blockchain space, as leaders across industries.
Akamai Labs Chief Technology Officer, Andy Champagne said the new blockchain service is best-suited for making traditional payments online.
He said the service could also pave the way for “micropayment-type transactions” in a world where connected devices on the Internet of Things (IoT) operate autonomously.
He revealed that the payment network application with Mitsubishi should roll out in early 2020.
Report by: Stephanie Horsu