Telecom giant Fujitsu actively participates in Web3, and, along with ConsenSys and others, has successfully completed a pilot project for cross-border securities settlement.

Japanese telecommunications giant Fujitsu announced that it has successfully completed a year-long pilot program with the Asian Development Bank, blockchain developers ConsenSys Software Inc., R3, and SORAMITSU, LTD. The program utilized Fujitsu's proprietary ConnectionChain blockchain technology to effectively streamline processes and enhance the security of cross-border transactions. The focus of the pilot was on improving cross-border securities settlement in regions such as ASEAN, Japan, China, and Korea.

ConnectionChain Successfully Links Multiple Blockchain Systems

Fujitsu, in collaboration with the Asian Development Bank, ConsenSys, R3, and SORAMITSU, has developed a system that connects to various companies' networks through ConnectionChain.

After a year-long pilot program, the project successfully demonstrated improved efficiency and security in cross-border transactions, including overseas remittances and securities settlement used by central banks and clearing institutions worldwide.

During the experiment, the system constructed two ledgers managing balances in different fiat currencies and one ledger managing securities ownership. These three decentralized ledgers were implemented in ConnectionChain following the current transaction rules adhered to by financial institutions.

The focus of this pilot was to enhance cross-border securities settlement in regions such as ASEAN, Japan, China, and Korea, aiming to address the time constraints of traditional finance that require two working days for settlement due to time zone differences.

Digital Innovation Platform Fujitsu Uvance and Web3 Acceleration Platform

Fujitsu's digital innovation platform Fujitsu Uvance offers an all-in-one innovation solution that leverages five key technologies, including computing, networking, AI, data security, and integration technologies, to address customer business challenges and societal issues.

In the future, the technology behind ConnectionChain will also be expanded to various payment applications beyond just the financial sector, extending into the circulation and manufacturing industries. Starting June 30, Fujitsu has been offering a trial environment of the "Fujitsu Web3 Acceleration Platform," which integrates ConnectionChain to realize flexible and secure connections across multiple economies. By conducting validation tests with various partners, Fujitsu will further promote the societal application of Web3-related technologies, including blockchain, through Fujitsu Uvance for a wider range of industries and customers.