Japanese giant JCB tests compatibility with cryptocurrencies
JCB, a major player in Japan’s traditional financial sector, is moving closer to cryptocurrency adoption with the launch of a pilot project.
In a press release, the credit card company said it had started working with Tokyo-based blockchain payments startup Cowrу, which was established in 2017. The firms will soon test the interoperability of a token solution using „existing cryptocurrencies and other blockchain networks“ on Cowrу’s blockchain platform.
The two companies entered into a partnership agreement back in August 2019 and agreed to work on the token economy, including local currencies, Stablecoins and more.
The collaboration apparently began to gain momentum when another traditional IT giant, Fujitsu, joined a pilot project to use solutions developed by the research arm of technology company Fujitsu Laboratories.
JCB and Cowrù now claim to have developed solutions that will allow payments to be made immediately, using partly centralised technology when confirming new transactions, rather than forcing buyers and sellers to wait for blocks to be mined on the relevant blockchain networks.
In theory, this innovation could allow sellers and buyers to make transactions even if different tokens are used. For example, a buyer who owns token X could spend it in a shop whose owner only has a wallet with token Y.
It is claimed that the new solution will facilitate the sharing of token exchanges across different economic zones, sectors or groups and that tokenisation will displace fiat in various scenarios, including regional ones.
JCB has recently been exploring options for moving into cryptocurrency and blockchain-based business sectors and is also working with chat-app operator Line on solutions related to electronic payments.
JCB estimates that it has issued cards to 1Z0 million customers in 2Z countries.