TOKYO, April 20, 2017 /PRNewswire
Soramitsu Co., Ltd. (Soramitsu, below), and the National Bank of Cambodia are working to co-develop the open source distributed ledger (blockchain) project, Hyperledger Iroha. Through a co-development agreement, the National Bank of Cambodia will study the implications of distributed ledger technology, while contributing to the open source development of Hyperledger Iroha and developing new payment infrastructures.
Distributed ledger (blockchain) technology is what powers decentralized applications, including the digital currency Bitcoin. It allows the mathematical verification of actions created on the network, such as creating or transmitting digital assets and currencies. The actions taken on the network are recorded in a shared ledger that everyone who joins the network has access to, allowing data to be highly replicated and robust against attacks.
Hyperledger Iroha is a software framework administered as part of the Linux Foundation's Hyperledger Project. Hyperledger Iroha specializes in creating highly responsive and performant applications for end users to interact with, such as mobile and web applications. Unix-style permissions to control actions on the ledger, as well as a highly optimized data model allow Hyperledger Iroha to securely and quickly process data. This makes the framework useful for digital payments, contract administration, identity management, and supply chain management, for example.
Using Hyperledger Iroha, currencies can be given logic through so-called "smart contracts" to create programmable money, where the conditions of transacting can be enforced by computer programs. This can realize "smart money" that can be used in computer programs to create more efficient and secure payment and settlement systems.
Kazumasa Miyazawa, the Chief Operating Officer of Soramitsu said, "The application of information technology to finance is at a historical turning point. It is our goal to make Japanese blockchain technology the global standard and to use our technology to change the world for the better. When I created Edy, we were limited by the technology of the time and a lack of regulatory clarity. Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future."
Soramitsu is a blockchain and fintech startup that initially created and is a co-maintainer of the distributed ledger platform, Hyperledger Iroha. Soramitsu aims to create a safe and convenient way to manage digital identities using blockchain technology. As a member of the Hyperledger project, which is being managed by the Linux Foundation, Soramitsu aims to contribute to software standards for blockchain and distributed ledger technology.
The National Bank of Cambodia is the central bank and financial regulator in the Kingdom of Cambodia.
Source: Soramitsu Co., Ltd.
Illustration Photo: blockchain (Public Domain from Pixabay.com)