Table of Contents

It is reported that Mitsubishi UFJ Trust Bank, Japan’s largest trust bank, announced that it is establishing cooperation with Datachain and Soramitsu to smoothly realize the mutual transfer and exchange of various stable currencies scheduled to be issued in Japan, and to improve the efficiency and reduce costs of remittance between banks, companies, and individuals. The plan will conduct a demonstration experiment of “PVP payment”, which means simultaneous payment between different digital currencies on heterogeneous blockchain platforms. This cooperation will involve Progmat Coin, a stable currency platform owned by Mitsubishi UFJ Financial Group, and the regional digital currency issued by Soramitsu for the use of Hyperledger Iroha.

Mitsubishi UFJ Trust Bank is conducting a pilot study on the interoperability of yen stabilized currencies

1. Introduction
2. Background Information
3. Introducing Mitsubishi UFJ Trust Bank, Datachain and Soramitsu
4. Smooth Transfer and Exchange of Various Stable Currencies in Japan
5. Reducing the Cost of Remittance and Enhancing Efficiency
6. Demonstrating “PVP Payment” for Heterogeneous Blockchain Platforms
7. The Role of Progmat Coin in the Cooperation
8. Regional Digital Currency Issued by Soramitsu for Hyperledger Iroha
9. Conclusion
10. FAQs
# It is reported that Mitsubishi UFJ Trust Bank, Japan’s largest trust bank has announced that it is establishing cooperation with Datachain and Soramitsu to smoothly realize the mutual transfer and exchange of various stable currencies scheduled to be issued in Japan.

Introduction

Mitsubishi UFJ Trust Bank, Japan’s largest trust bank, has joined hands with Datachain and Soramitsu to facilitate the smooth transfer and exchange of various stable currencies to be issued in Japan. This partnership aims at enhancing efficiency and reducing the cost of remittance between banks, individuals, and companies. The cooperation will involve digital currencies on heterogeneous blockchain platforms and will implement a demonstration experiment called “PVP payment”. The article covers the essential aspects of this collaboration, the parties involved, and the role of Mitsubishi UFJ Trust Bank in this partnership.

Background Information

In recent years, blockchain technology has emerged as a major disruptor within the financial services industry. Blockchain offers secure, transparent, and efficient methods of transferring value without the need for intermediaries. With the growth of digital currencies, financial institutions have recognized the importance of blockchain and its potential to provide a solution to existing problems such as high transaction costs, delays, and lack of interoperability between financial systems.

Introducing Mitsubishi UFJ Trust Bank, Datachain and Soramitsu

Mitsubishi UFJ Trust Bank is a unit of the Mitsubishi UFJ Financial Group, which is one of the largest financial institutions in the world. Datachain is a blockchain technology company focused on delivering innovative and reliable blockchain solutions. Soramitsu is a blockchain technology company that develops and implements novel blockchain solutions, particularly in the finance and banking industries.

Smooth Transfer and Exchange of Various Stable Currencies in Japan

This partnership aims to provide efficient methods for the transfer and exchange of various stable currencies to be issued in Japan. This collaboration will ensure the seamless transfer of value between digital currencies on different blockchain platforms. The partnership aims to bridge the gap between different digital currencies, enabling the exchange of value on a secure and trusted platform.

Reducing the Cost of Remittance and Enhancing Efficiency

One of the major advantages of blockchain technology is the ability to reduce the cost of transactions and enhance efficiency. This collaboration will leverage blockchain technology to reduce the cost of remittance between banks, companies, and individuals while ensuring secure and speedy transactions. The partnership aims to provide an efficient and cost-effective method of remittance and transfer of value across borders.

Demonstrating “PVP Payment” for Heterogeneous Blockchain Platforms

The partnership between Mitsubishi UFJ Trust Bank, Datachain, and Soramitsu will implement a demonstration experiment of “PVP payment”, which stands for simultaneous payment between different digital currencies on heterogeneous blockchain platforms. The experiment aims to demonstrate the interoperability between different digital currencies and blockchain platforms, facilitating the smooth transfer of value between them.

The Role of Progmat Coin in the Cooperation

The partnership with Datachain and Soramitsu will involve Progmat Coin, a stable currency platform owned by Mitsubishi UFJ Financial Group. Progmat Coin is designed to provide a stable store of value, ensuring stability and predictability, and facilitating the exchange of value between different digital currencies. The platform is built on top of blockchain technology, providing transparency, security, and efficiency.

Regional Digital Currency Issued by Soramitsu for Hyperledger Iroha

Soramitsu will issue a regional digital currency for use on the Hyperledger Iroha blockchain platform. This regional digital currency will facilitate the transfer of value, increase efficiency, and reduce the cost of remittance between different countries. The regional digital currency will be interoperable with Progmat Coin, providing a seamless method of exchanging value between different digital currencies on different blockchain platforms.

Conclusion

The partnership between Mitsubishi UFJ Trust Bank, Datachain, and Soramitsu aims to provide a solution to existing problems such as high transaction costs, delays, and lack of interoperability between financial systems. The collaboration will leverage blockchain technology to provide efficient, cost-effective and secure methods of transferring value between different digital currencies and blockchain platforms. The demonstration experiment of “PVP payment” and the use of Progmat Coin and regional digital currency issued by Soramitsu for Hyperledger Iroha will demonstrate the interoperability between different digital currencies, facilitating smooth transfer of value between them.

FAQs

1. What is Mitsubishi UFJ Trust Bank and Soramitsu?
Mitsubishi UFJ Trust Bank is Japan’s largest trust bank, while Soramitsu is a blockchain technology company that develops novel blockchain solutions, particularly in the finance and banking industries.
2. What is Progmat Coin?
Progmat Coin is a stable currency platform owned by Mitsubishi UFJ Financial Group, designed to provide a stable store of value and facilitate the exchange of value between different digital currencies.
3. What is the significance of “PVP payment” for blockchain platforms?
The “PVP payment” demonstration experiment aims to demonstrate the interoperability between different digital currencies and blockchain platforms, facilitating the smooth transfer of value between them.