Cryptocurrencies:
MUFG and Akamai to Launch Blockchain-Based Payment System
By using blockchain, MUFG and Akamai will be able to provide cheaper payment services. The developers announced that in February the GO-NET network will be integrated with payment terminals from the manufacturer of electronic devices Seiko Holdings, as well as credit card issuer MUFG NICOS.
The network will be able to process up to 100,000 transactions per second. This exceeds the processing speed of transactions in the VISA system, which is about 70,000 transactions per second. GO-NET developers said that in the future they will be able to increase this figure to 10 million transactions per second for small payments.
Additionally, in July, the creators of GO-NET are set to introduce an option to allow customers to purchase drinks from vending machines in Japan using a special card.
MUFG and Akamai began working on the GO-NET payment platform in 2016, and the joint venture was established in May 2018. At the same time, MUFG Bank owns 80% of the shares. MUFG deals with financial issues and Akamai develops GO-NET infrastructure using blockchain solutions.
The launch of the system will take place in 2021, although the network was originally planned to launch this year. The developers expect GO-NET to be fully functional by the summer of 2022.
A few months ago, MUFG announced that it would launch its own digital currency, MUFG Coin, pegged to the Japanese yen at a 1: 1 ratio. However, it is not known whether this stable coin will be used in the GO-NET payment network.
The first cryptocurrency rate continues to grow. Against this background, altcoins are also growing - for example, the price of ETH exceeded $ 500 for the first time since July 2018, and the hash rate of the Ethereum network has reached a historic record.
The network will be able to process up to 100,000 transactions per second. This exceeds the processing speed of transactions in the VISA system, which is about 70,000 transactions per second. GO-NET developers said that in the future they will be able to increase this figure to 10 million transactions per second for small payments.
Additionally, in July, the creators of GO-NET are set to introduce an option to allow customers to purchase drinks from vending machines in Japan using a special card.
MUFG and Akamai began working on the GO-NET payment platform in 2016, and the joint venture was established in May 2018. At the same time, MUFG Bank owns 80% of the shares. MUFG deals with financial issues and Akamai develops GO-NET infrastructure using blockchain solutions.
The launch of the system will take place in 2021, although the network was originally planned to launch this year. The developers expect GO-NET to be fully functional by the summer of 2022.
A few months ago, MUFG announced that it would launch its own digital currency, MUFG Coin, pegged to the Japanese yen at a 1: 1 ratio. However, it is not known whether this stable coin will be used in the GO-NET payment network.
The first cryptocurrency rate continues to grow. Against this background, altcoins are also growing - for example, the price of ETH exceeded $ 500 for the first time since July 2018, and the hash rate of the Ethereum network has reached a historic record.