Blockchain-Based Platform For Trade Developed By Japanese Ministry of Economy

BTC Wires: Japan’s strive towards the development of their data sharing research sector is making significant progress. On Thursday, August 23, the Japanese New Energy and Industrial Technology Development Organization or NEDO is hard at work, to develop a premium blockchain-based data sharing system for the trade industry. These reports were cracked by Cointelegraph’s Japan division and a lot of significant progress is anticipated.

New Energy and Industrial Technology Development Organization is Japan’s largest public management organisation. NEDO has supported and harnessed new reforms in the research and deployment sector of energy and industrial technologies. The latest set goals for the organisation is reportedly a project powered by blockchain, to systemise the basic physical and organisational structures within the trade information sharing domain. As for now, the organisation is being marshalled by Japan’s the Ministry of Economy, Trade and Industry, or METI.

The project aims to treat the process of logistic dat sharing that will be digitized and will be provided extensions through the instalment of an infrastructural system. Chief sectors that the project is looking to affect includes the shipping sector, port authorities, property sector, banks and insurance companies, etc. Moreover, the project intends to replace the current system that uses paper-based system or PDF for sharing data with a far more cost-effective and meticulous system. The official press release of the project throws light on how the project needs investment with regards to manual labour, in order to eliminate errors and for checking data inputs.

The project is a joint venture shared by partnership between NTT data, one of Japan’s largest IT companies and New Energy and Industrial Technology Development Organization. In a press release by NTT, the company came clean with its future plans of introducing additional social implementations of the platform during the financial year 2019, contributing to the Global supply chain.