The Mitsubishi Corporation, renowned as the international car manufacturer, has launched a blockchain trial in conjunction with the Standard Chartered Bank, MUFG Bank, and the Bank of Ayudhya. The project in question focuses on the RippleNet platform, a tool which has been designed for enabling seamless cross-border payments.
From what we can see, the primary objective of the trial run is improving the way in which capital is transacted. Because all partners involved need a platform that can handle multi-currency payments each day, along with real-time transactions, the idea is to shy away from expensive, ineffective and slow processes which require a lot of administrative duties. By using RippleNet, these payment movements can be amended in a positive way for all involved.
“The goal of the pilot is to demonstrate the commercial viability of delivering fast cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well.”
A New Trial for RippleNet
The Mitsubishi Corporation will oversee the project, and they will use RippleNet’s technologies in order to facilitate straightforward, fast, and inexpensive transactions to accounts from all around the globe.
What is interesting to mention is that this is also the first account of a Japanese business concluding an international payment transaction by using Ripple’s technology. Moving forward, provided that the trial does prove a success, other ventures featuring domestic firms might soon follow.
But, it will all depend on the pilot’s outcome, along with the interested parties looking to commercialize this payment technology. After all, getting RippleNet adopted by the public could be quite tricky. Still, we have great confidence in Ripple’s ability. With all of these businesses manifesting a genuine interest in the development, Ripple not only has the capabilities to make it a success, but also the motivation.
“Many companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails […], and we can change that,” concluded Ripple officials regarding this trial.