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Japan: IT Giant NTT Data, Ministry of Economy Announce Blockchain Based Platform for Trade

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Recently, Cointelegraph Japan reported that the New Energy and Industrial Technology Development Organization (NEDO) is currently working on a data sharing project for the trade industry which is based on blockchain. The company is the largest public management organization of Japan which is focused on promoting the research and development of technologies related to industrial and energy sector.

Reportedly, the company is planning to develop a project focused on blockchain to enhance the infrastructure for sharing information in the trade industry. Currently, this organization is operating under the Ministry of Economy Trade and Industry (METI) which is its parent body.

The project is named as "Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT". The project is aiming towards digitalizing and enhancing the whole process of sharing logistics data between different trade entities like, brokerage operators, port authority, shipping companies, insurance companies and banks.

The project is named as "Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT"

In simple words, the project is looking to explore more efficient as well as accurate systems of sharing information by replacing the current processes which utilise paper-based media or PDF files. According to the statements in the press releases, these processes use more funds and are a time-consuming manual work for tasks like checking the errors in the inputs of data.

This newly launched blockchain project by NEDO is working in collaboration with another giant of Japan, NTT Data. NTT Data is one of the most significant information technology companies in the country. According to NTT, the company also aims to introduce the social implementation of this new technology during the upcoming financial year 2019 which will eventually help to boost the supply chain globally. It was also reported that the Customs and Border Protection (CBP) of United States are also planning to launch a live test of shipment tracking system based on the blockchain.

"NEDO is working in collaboration with another giant of Japan, NTT Data."

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