Japan’s Fujitsu to launch blockchain-based project for cross-border collaborations

Danny Park

11 months ago

Tokyo-based global information technology solutions company Fujitsu will launch a new platform on June 30 to connect different economies using blockchain technology, following the completion of a year-long pilot trial, it said in a press release Thursday.

Fast facts

The now-complete trial, which utilized Fujitsu’s blockchain technology named ConnectionChain, focused on improving cross-border settlements of securities in regions such as Japan, China, South Korea and other Southeast Asian nations, according to its press release.
Based on the outcomes of the trial project, the company will launch the Fujitsu Web3 Acceleration Platform on June 30.
The pilot project started in January 2022, in cooperation with the Philippines-based Asian Development Bank, blockchain infrastructure company ConsenSys, digital finance solutions firm R3, and Tokyo-based tech company Soramitsu.
Fujitsu will further work with blockchain and the decentralized new wave of the internet, also known as Web3, to expand and connect markets and society.
The company is one of a group of major Japanese firms involved in the establishment of a “Japan Metaverse Economic Zone” announced Feb. 23.
Blockchain and the metaverse — a staple platform of Web3 — could bring about growth opportunities for industries and economies, Noh Ki-tae of South Korea-based metaverse company FitFuns told Forkast in a recent video interview.
“I believe a real metaverse needs to act as a hub that connects an industry with another industry … And for that, I think blockchain is best,” Noh told Forkast. “[Companies] all have their APIs (Application Programming Interface) and everyone would want to use their own. So there needs to be some medium network for everyone, something transparent and decentralized, and that’s blockchain.”
Fujitsu is a major digital tech service company in Japan, with consolidated revenues of 3.7 trillion yen (US$28 billion) for the fiscal year ended March 31, according to its website.

(Update added: bullet 5)