Implementation of Blockchain

Focusing on applications that make use of high transparency by identifying the right place for the right person

Although Blockchain is remarkable, it can be secured on the Internet with high transparency and reliability, so it is expected to be applied to various applications in addition to large-scale business applications such as settlement transactions.

For example, by administering permission on various rights (use, distribution, reproduction, modification, etc.) related to copyrighted work created by individuals and small and medium enterprises on the block chain. it is possible to create a mechanism for approval of usage of copyrighted work and billing, in the medical field, based on the complete and consistent medical record of individuals, by recording the history and data of treatment, medication, examination, rehabilitation etc. on the blockchain and widely sharing it taking into account the privacy, you can expect effective treatment. Blockchains are also applicable to applications that realize commercial transactions without cost.

In addition, if traceability mechanisms that share supply chain information in large numbers are developed, utilizing the characteristics of the block chain such as "sharing ledger information", "centralized management is unnecessary" and "strong tamper resistance", it is possible to monitor fraud on the business side such as disguising foods and accident history hiding of used cars, bringing great merit to the consumer side.

Confirm effectiveness by demonstration experiment of Japan's first trade transaction

NTT DATA carries out demonstration experiments or system development on block chains in Japan, Italy, the USA, and others. In Japan, we established a platform for a distributed securities trading platform that uses block chains for securities transactions and conducted a verification task that scopes the entire securities trading business. Although it is not suitable for transactions with high real-time nature, it can be applied as long as it is a mechanism that runs at a fixed time, there is a need for a method for resolving information transmission delays and transient inconsistencies that may occur in distributed environments. It is indispensable to develop technologies for securing financial transactions including profit information, and so on.

Maintaining business-specific business practices while greatly streamlining operations

In addition, we conducted a field trial on blockchain application with the theme of "domestic first" trade finance "jointly with a number of financial institutions. In trade transactions, there are risks due to the time lag between the delivery of goods and the payment settlement because the companies are geographically distant and it takes time to transport cargo. In order to avoid this, there is a challenge that now there is a unique business practice of mailing "letter of credit (L / C)" which the financial institution guarantees that the counterparty has funds by mail or e-mail, and it is troublesome to process procedures and take time.

Therefore, by utilizing the function of "Distributed management of common registry", one of the features of the block chain, transaction personnel can share information at the same time. Although it took at least a few days to process the letter of credit so far, now we can confirm that sharing it in the block chain makes it possible to browse the information in a few minutes, so that the time can be reduced considerably and work can be speeded up even when the letter of credit is need to be corrected.

In NTT DATA, we are considering further utilization in trade finance.