SORAMITSU Deploys Blockchain Innovation for Worldwide Stakeholders
Disseminating the advent of blockchain innovation to stakeholders all across the globe, SORAMITSU is a Japanese FinTech enterprise that provides blockchain-based solutions to corporations, colleges, and governments. In this pursuit, their cutting-edge initiatives and use of case studies reflect the future generation of fintech, from the construction of local and international payment systems to the development of their own decentralized autonomous economy.
SORAMITSU Leverages the Latest Blockchain Technologies
Since the beginning of the firm in 2016, when it first began operations, the company’s multinational and technologically driven teams have been concentrating their efforts on developing local and international payment systems, blockchain technology, and bespoke solutions for businesses. As expressed by the team behind SORAMITSU, their core ethos is “Designing a Better World Through Decentralized Technologies.” Further detailing their vision, the team added, “We make an effort to interpret the world around us and get an understanding of how the field of economics may play an important part in the progression of mankind.”
Overall, their flagship products include Bakong, a digital currency system created for the Central Bank of Cambodia, and Hyperledger IROHA, a permissioned platform that contributes to the Linux Foundation’s Hyperledger Project and is aimed at assisting businesses and financial institutions in the management of digital assets. Both of these products were developed for the Central Bank of Cambodia. In addition to this, the business is actively contributing to the development of the SORA Decentralized Autonomous Economy (DAE) ecosystem.
Exploring the Hyperledger Iroha Protocol
With unprecedented technological features, Hyperledger Iroha is a next-generation permissioned blockchain technology established to assist enterprises and financial institutions with digital asset management. SORAMITSU was the developer of Hyperledger Iroha and gave it to the Linux Foundation’s Hyperledger Project.
Furthermore, SORAMITSU utilizes Hyperledger Iroha to provide exhaustive services for an extensive range of users, such as mobile apps for managing digital assets, identities, and contracts. Hence, they can tokenize almost any kind of data and seamlessly integrate blockchain technology into their organization, both possible with the help of Hyperledger Iroha. Moving forward, SORAMITSU aspires to contribute to a safer and more efficient society through the Hyperledger Iroha.
Another essential feature is that Hyperledger Iroha offers inherent identity management support. Each user in the system has a unique account containing personal data, and each transaction is signed and connected with a particular user, rendering Hyperledger Iroha ideal for numerous applications with Know Your Customer (KYC) capabilities.
Bakong — Facilitating Financial Inclusion with Blockchain
Emerging at the crossroads of SORAMITSU and Bakong, the National Bank of Cambodia is a breakthrough real-time gross payments system that promotes financial inclusion through user-friendly but robust iOS and Android applications. Through developing a retail payment system for the future generation, Soramitsu and the National Bank of Cambodia collaborated to create the Bakong system. Their goals were to broaden access to financial services while simultaneously improving the effectiveness of the monetary policy.
In light of what they learned in Bakong, they want to use these financial technologies worldwide to make it possible for unbanked individuals everywhere in the world to transfer wealth at a reasonable cost and to assure commercial growth in places that are now mostly unbanked. To expand the potential of the Bakong system, further financial products and capabilities are now in the process of being created.
KAGOME — Elevating the Power of Coding
SORA — The Ultimate Economic System
SORA is a novel economic system that decentralizes the notion of a central bank along with a network that incorporates a parachain to the Polkadot ecosystem and is governed by the SORA community. SORA also decentralizes the concept of a central bank. In addition to contributing to developing the SORA network and Polkaswap, SORAMITSU has collaborated with other community builders to accomplish this goal.
Furthermore, the Japanese corporation has a large presence in various other CBDC and blockchain initiatives throughout the continent. In January, it partnered with the Asian Development Bank to evaluate the use of blockchain technology in settlement of cross-border securities transactions.
Klaytn DEX — Building the First Open-source Decentralized Exchange
SORAMITSU is collaborating with the Klaytn Foundation to build the architecture and design of the Klaytn blockchain’s first open-source decentralized exchange. This technological partnership aims to promote decentralization and open-source technologies that will position Klaytn at the forefront of innovation by implementing a future-proof decentralized exchange infrastructure.
The SORAMITSU team will create the decentralized open-source exchange in close coordination with the Klaytn Foundation, documenting each milestone for the Klaytn Enhancement Reserve.
Fearless Wallet — the DeFi Wallet of the Future
SORAMITSU built the Fearless Wallet for peer-to-peer transactions throughout the Kusama/Polkadot ecosystem. Fearless Wallet is distinctive from a technological and user-experience standpoint, incorporating complex features like staking, governance, DEX integration, and the option to purchase tokens using a credit card or payment service inside a contemporary UI created with simplicity and beauty in mind. The objective is to increase access to decentralized finance by significantly simplifying the infamously complicated functionality of existing wallets.
Future Endeavors of SORAMITSU
Notwithstanding the successful ventures undertaken by SORAMITSU so far, they are presently conducting research and innovation cooperations on a wide variety of use cases for blockchain technology with various partners. These partners include prominent intergovernmental organizations and business consortia.
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