Fujitsu Unveils Blockchain Tech for Streamlined Cross-Border Transactions

Fujitsu has announced the completion of a year-long pilot program for its proprietary blockchain technology, “ConnectionChain,” aimed at improving the efficiency and security of cross-border financial transactions.

The trial, in collaboration with the Asian Development Bank, ConsenSys Software Inc., R3, and Soramitsu, successfully demonstrated the new technology’s effectiveness in enhancing the safety of cross-border securities settlements in various regions including ASEAN, Japan, China, and South Korea.

fujitsu blockchain

ConnectionChain will now be incorporated into the “Fujitsu Web3 Acceleration Platform,” starting June 30, 2023. The platform integrates ConnectionChain with other Fujitsu technologies offered through the Fujitsu Accelerator Program for Computing as a Service (CaaS).

The new technology enables multiple blockchains to function as a single, integrated system. This interoperability is achieved by incorporating plugins called Cacti-LP (Ledger Plugins), developed by Hyperledger Cacti, an open-source software project hosted by the Hyperledger Foundation.

The pilot project involved the creation of a system to manage two legal currencies and a ledger to oversee the ownership of securities. These three decentralized ledgers were then implemented in ConnectionChain according to transaction rules adhered to by all participating financial institutions.

The project is a significant step towards improving the efficiency and safety of cross-border securities transactions in regions where settlement typically takes at least two days due to time differences and varying market transaction times.

Fujitsu plans to explore a broad range of payment use cases, not just in the financial industry, but also in distribution and manufacturing. The tech company will conduct verification tests with various partners to advance the social implementation of Web3 related technologies such as blockchain.

This blockchain technology enhancement aligns with Fujitsu’s vision of creating the digital infrastructure to realize a connected society under its initiative, “Fujitsu Uvance.”


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