Hitachi and Tech Bureau building NEM-based blockchain platform in Japan
Hitachi, one of the biggest Japanese multinational conglomerate companies has partnered up with Tech Bureau to use the NEM-based Mijin Blockchain platform for Hitachi’s point management solution “PointInfinity.” See here for more information about PointInfinity..
The framework of the project “PointInfinity” is to allow merchants to deploy point-based and electronic money managements systems, wherein they can design their own membership programs and Point of Sale (“PoS”) software for loyalty programs and special offers.
Hitachi’s solution for managing sales particularly popular with restaurants, cafes and shopping outlets offering customized services, coupon and loyalty program points. Tech Bureau and Hitachi plan to implement blockchain Mijin platform in the near future to autonomously process loyalty points and manage electronic money settlement platforms within a more secure, transparent, efficient and immutable ecosystem.
Developers of Mijin state:
“With this specific application test, the large scale point management solution “PointInfinity” will leverage “Mijin” to verify the predictability of the Blockchain technology application that has entered into product development and expansion. Hitachi Solutions currently has over 150 million members on their point management solution and Hitachi will engage in this proof of concept.”
“Local currency is supposed to be used for substituting settlement with legal currency, and high availability is required accordingly. Higher availability may be required for local currency than for loyalty point services. In this respect, Blockchain are effective in that they can build and operate more stable systems,” a report from the Nomura Research Institute contracted by Japan’s Ministry of Economy, Trade and Industry (“METI”).
METI had mentioned NEM and mijin as significant players in the Blockchain ecosystem already in April 2016 in their publication “Survey on Blockchain Technologies and Related Services”.
Tech Bureau further explained:
“Through an operational test of large-scale electronic money core banking systems, stability was maintained even at times where the test servers took damage, and it succeeded with an average speed of over 3,000 transactions per second and the highest reaching 4,142 transactions being processed and settled. Mijin is being used in such a wide scope, that 311 companies from 15 countries, from financial institutions to electronic money, points, online gaming and logistics, have applied for a demonstration”
Such support from the Japanese government and the Ministry of Economy and Trade allows Hitachi and Tech Bureau to fully concentrate on the development of an environmental-friendly, efficient solution, and foster good cooperation between state agencies and the mentioned companies in the future.
About NEM
NEM is an innovative blockchain technology project, a peer-to-peer crypto platform. It is written in Java and JavaScript with 100% original source code. NEM has a stated goal of a wide distribution model and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm. NEM also features an integrated P2P secure and encrypted messaging system, multisignature accounts and the Eigentrust++ node reputation system.
NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014. NEM’s public blockchain launched on March 31, 2015 and is now running without interruptions for almost two years. The private chain project “mijin” is powered by NEM technology.
Today, NEM is undergoing development of an upgraded core technology called “Catapult”. Catapult will power mijin in the first phase and become implemented into the NEM public chain subsequently.
