MUFG and Akamai have developed a new blockchain payment processing platform. It has the capacity to process a million transactions per second and the ability to finalize transactions in less than 2 seconds.
In a press release published by MUFG and Akamami Technologies, the companies have announced that several major global banks have successfully completed a blockchain interledger, cross-border, payment pilot test.
The payment network claims to have the capacity to process a million transactions per second and has a latency of 2 seconds per transaction. Using the Bank of Thailand’s regulatory sandbox, the pilot test was managed by Japan’s Mitsubishi UFJ Financial Group, or “MUFG”, and Standard Chartered Singapore.
MUFG has engaged in numerous research projects with Akamai, focusing on Akamai’s high-speed network and distributed computing technology.
As a result of the pilot test, the companies believe that under real world conditions, the platform will continue to strive. It will be able to processes a million transactions per second, with potential to scale up to 10 million transactions per second in the future.
MUFG has been active in blockchain space, has been planning on launching its own cryptocurrency, and has also invested into Coinbase. With the success of its pilot test, the new payment network is expected to go live in Japan by the second half of 2020.