Keychain Partners with Japan’s JCB for the Use of Blockchain in the Payment Industry
Japanese firm JCB Co., Ltd., and blockchain technology provider Keychain, announced the start of collaboration for the use of blockchain in the payment industry. According to the news published on Finance2nd, the Japanese company will use Keychain’s technology to increase cybersecurity and operational integrity in next-generation payment systems.
JCB Co., Ltd. a credit card company based in Tokyo aims to improve the payment experience of its customers with the use of blockchain technology. The Japanese giant has signed an agreement with blockchain provider Keychain to work on a distributed ledger technology solution for next-gen payment systems.
JCB can count on a truly vast network of users since its cards are issued in 20 different countries with almost 70 million cardmembers who use their cards to purchase over $62.7 billion of goods and services annually.
This represents a unique opportunity for Keychain. At present, the main product of the blockchain provider is called “Keychain Core”, an application that allows partner firms to build applications with self-sovereign identity and data-centric security. In addition, Keychain Core capabilities include secure workflow such as payment settlement, with full auditibility while maintaining confidentiality; secure contracts and issuance of customized digital assets such as municipal digital money, energy credits, and gaming assets. The technology works on a range of devices, including tablets, computers, smartphones, smartwatches, and other devices.
Although no financial details of the deal have been released, the partnership between the two giants shows how traditional financial players are increasingly opting for blockchain payment solutions.
Blockchain Payment Solutions
Blockchain’s development is leading the financial services industry with the intent to streamline payments processes, enhance trade finance and reduce fraud as the traditional financial industry has been doomed as unreliable and outdated when it comes to trust and value.
Blockchain is revolutionizing the world of payments by fulfilling bank’s desire for faster processing, more detailed audit information and higher levels of security for increased efficiency and customer satisfaction.
However, these features are guaranteed only by public blockchains (for example Bitcoin or Ethereum) which represent the real game-changer for financial transactions. Most classical financial institutions are turning to private blockchain solutions which are therefore not too different from the current system.