SBI Ripple Asia signed a partnership with the Japanese Payment Card Consortium. The main intention behind this agreement is to fight fraud using blockchain technology. The information was released by Banking Tech a few days ago.
Blockchain Technology to Tackle Fraud
Blockchain technology has many different real-world applications. And tackling fraud is one of them. According to Banking Tech, these two companies are going to prevent damages created by fraudulent transactions. Participants will be sharing data in real-time using the Corda blockchain platform developed by the R3 Consortium.
The report says that the proof of concept (PoC) will be sharing information with other nine credit card issues. Other participants will be two payment-card technology providers. Some of the participants are American Express, Aeon Credit, Epos Card, Orient, Credit Saison, TD, JCB, Toyota Finance, Sumitomo Mitsui Card, Sumitomo Mitsui Trust Club, among others.
With this project, blockchain technology will allow the participating companies to have an effective settlement environment improving the user experience.
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The report reads as follows:
“By using blockchain, the consortium aims to improve the operational efficiency of participating companies. It also seeks to establish an effective settlement environment by improving the user experience, thus reducing social costs and improving productivity in a cashless society.”
At the beginning and during the PoC phase, the information will only be shared with the participating card companies. For the future, the intention is to share the information with other parties. This would allow merchants and services providers to have a clear idea about the market.
Some time ago, SWIFT India and MonetaGo, have partnered with the intention to improve efficiency and security of financial products. As per the official press release, the intention is to enhance banking services, procedures, and security of Indian banks.
Although banks and financial institutions are against Bitcoin and other virtual currencies, blockchain technology is able to improve several procedures. It also has the ability to improve efficiency, security, transparency, and reliability.
Japan has been regulating the cryptocurrency space during the last few years. Nowadays, Japan is considered a crypto-friendly country with a strong and continuously improving regulatory system.