In a report by regional publication Nikkei, the proof-of-concept experiment lasted nine months through September 2016, and is part of a concentrated effort between the unnamed banks to explore and develop blockchain solutions for interbank payments. Deloitte Tohmatsu accounting group services have assisted the three banking corporations to form a research forum before roping in the services of bitFlyer for the blockchain experiment.
As a result, researchers clocked 1,500 transactions per second via the blockchain (still unknown if it was the Bitcoin blockchain or a privately developed, permissioned ledger) used during the tests, the publication continues. That number already beats the 1,400 transactions that the current interbank wire system is capable of, at peak speeds.
The banks are expected to publish the results of their comprehensive, near-year-long blockchain test soon, the publication revealed. Furthermore, the story will be updated when CCN learns more of the blockchain used during the banks’ experiment.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now