JCB and Cowry conducted a demonstration experiment of interconnection with tokens and other blockchains.

On January 25, JCB Corporation and Cowry Corporation announced that they have conducted a demonstration experiment on the interconnection of existing cryptocurrencies and other blockchains with tokens using Cowry’s proprietary blockchain, Cowry Chain.

“As IoT payments and the sharing economy become more widespread, it is predicted that society’s need for staple coins will increase to utilize the token economy at the local and community levels. In this context, the importance of token exchange and distribution between different economies will also increase,” JCB believes. With this in mind, JCB has conducted a demonstration experiment with the aim of establishing a system that enables the mutual use of tokens.

In this verification experiment, JCB conducted an experiment on the exchange of tokens using a function that automatically exchanges tokens, assuming that buyers and stores can use tokens held by each other to purchase and sell products and services.

For the demonstration experiment, Fujitsu Laboratories Ltd. developed “Connection Chain,” a technology that uses blockchain technology to securely and safely interconnect different blockchains and ecosystems.

JCB and Cowry say they will work together to contribute to local development and the expansion of the economic zone that the token economy aims to create by improving the convenience of local tokens.

（images:iStocks/majivecka）