Within the blockchain ecosystem it is usual to find that the world's largest banks carry out concept tests or pilot tests with distributed accounting technology in combination with developers and protocol experts. What is innovative is that a bank publicly announces tests with two blockchain protocols of different houses simultaneously.
And this was just what the Japanese financial giant Mizuho Bank, who started the second half of the year with two blockchain pilot tests, One with Corda - the blockchain protocol of the R3 consortium - to test the implementation of the block chain as a support for the bank's international transactions and another with IBM's Fabric Hyperledger, for the handling of documentation and credit notes with the different Parts of shops.
According to the financial giant, the Corda platform will be used in the initial phase of the blockchain test, with special modifications for your case. In this first step, the entity will experiment with a network for commercial finance, where they will be able to carry out operations with international clients.
In addition, it must be taken into account that acting as a support for transnational transactions with Mizuho will not be the sole function of the platform. It will also allow digitizing and sending documents and credit notes, although this will be the focus of the other test blockchain made by the Japanese bank.
On the other hand, the pilot test to be performed with IBM Japan and Linux Foundation under the Fabric protocol will focus on the immediate and secure digital handling of documents required by the bank before, during and after international transactions, specifically notes of credit.
It is important to remember that such transactions involve many parts of the trade as importers, exporters, insurance companies and traders. The number of members in the process hinders the immediacy and efficiency in processing the procedures necessary to achieve the final issue of the credit note, where time plays a key role.
This is why sending and receiving immediate and immutable documents through a chain of blocks is one of the most studied and used uses of blockchain technology, as well as eliminating weeks of paperwork and hours of work, significantly reduces the Operating cost of the process. And it is precisely in this that the bank has focused to undertake this second phase of testing with Fabric.