Published On: Tue, May 15th, 2018

Mitsubishi Corporation and Partners Will Move Real Funds Over RippleNet

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Major corporations around the world are paying close attention to blockchain technology. Especially Ripple’s network is of great interest among Asian firms. Mitsubishi Corporation, together with a few partners, are planning to move real funds over RippleNet. This is another validation of Ripple’s existing technology, which is being trialed by various payment service providers.
Mitsubishi Eyes the Blockchain
Most people are familiar with the Mitsubishi name as a car manufacturer. The parent corporation, however, as bigger plans for the future. Together with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain trial has been planned. More specifically this venture focuses on RippleNet, the technology designed to facilitate cross-border payment flows.
The main purpose of this trial is to improve cash management. All parties involved deal with real-time and multi-currency payments on a daily basis. Even so, cross-border transactions remain slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be improved upon significantly. Ripple officials comment on this trial by stating:
“The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the …

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