A sister collaboration of Ripple, SBI Ripple Asia have announced a new partnership with the Japan Payment Card Consortium (JPCC). The partnership aims to use Proof of Concept technology in order to fight instances of fraud. The Proof of Concept system will be deployed via Corda, a blockchain platform built by R3.
The JPCC is made up of a number of major payment card groups within Japan and includes financial service providers such as American Express and Toyota Finance. As a result of this, we can expect that this new partnership will bring the blockchain to the fore within a number of major mainstream financial service providers. It’s a solid move for blockchain adoption.
The introduction of Corda within this partnership is no coincidence, according to Cointelegraph:
“Corda has reportedly been chosen for the PoC due to its data privacy and security set-up. The release outlines that data in the system is to be shared only with those that have a need to know. Each company will own a Corda node, and while each company implements its own security policy, the data sharing among the nodes is secured by Corda.”
Why the blockchain?
Of course, SBI Ripple, being partially blockchain based are going to focus any efforts they can on bringing blockchain technology to any of their partnerships. In this instance, the blockchain has proven its worth in anti-fraud measures, therefore I suppose the blockchain presents an ideal solution. Moreover, the Corda platform specifically seems to have presented an ideal solution for this partnership.
“Japanese IT services provider TIS, which is a member of the R3 consortium, will reportedly develop a secure and scalable information sharing system for the PoC on the basis of Corda. Although at the PoC stage, information will be shared only between the participant card companies. The consortium says it will consider extending data sharing to a broader range of parties – such as merchants and payment service providers (PSPs) – in future, in the name of better protecting against fraud industry-wide. Hewlett Packard Enterprise (HPE)’s Mission Critical Distributed Ledger Technology (DLT) Lab has been chosen as a secure host environment for testing the new PoC.”
Evidently, there are a large number of firms and companies all getting involved with this project and this partnership. This is an exciting example of just how versatile and accessible the blockchain industry is, literally anyone and everyone can get involved.