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Last week, Mitsubishi UFJ Financial Group (MUFG), the largest financial group in Japan, announced the launch of its own cryptocurrency, MUFG Coin. Following a statement released earlier today, it has become known that MUFG will also create a new blockchain-based payment network in tandem with Akamai Technologies, Inc., the world’s largest cloud delivery platform.

The payment service is expected to perform at incredibly high levels - its processing speed will exceed one million transactions per second. For the user, this means that the transaction confirmation will take no longer than two seconds.

“MUFG and Akamai verified that by using this new blockchain technology under realistic business conditions, Akamai’s platform was capable to process transactions in less than 2 seconds, processing a million transactions per second. There is also potential to further develop this processing ability, permitting the handling of 10 million transactions per second,” - the statement says.

The new service is set to be available in 2019. MUFG participated in several joint studies with Akamai, focusing on the company’s high-speed network and distributed computing technology.

“MUFG and Akamai, using Akamai’s globally deployed high-speed and high-security platform, will utilize this new blockchain’s high-speed processing and secure value transfer abilities to promote pay-per-use, micropayments, and other new IoT generation payment methods, and to support the diverse payment options of the sharing economy by offering an open platform,” - the statement said about the new service.

By Ekaterina Ulyanova

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