Japan finance sector to reap digital currency benefits, says MUFG chief

TOKYO (Reuters) – The chief executive of Japan’s largest bank expects new business opportunities to appear as digital currencies allow collection of data on how people use their money.

While Japan’s big banks have distanced themselves from bitcoin and other existing digital currencies, they are trying to create their own to provide cheaper and easier means of payments and money transfers.

“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions,” said Nobuyuki Hirano, CEO of Mitsubishi UFJ Financial Group (MUFG), speaking as chairman of the Japanese Bankers Association at a news conference on Thursday.

“We can use the data to create new value.”

Hirano’s bank is developing its own “MUFG Coin” digital currency using the blockchain technology behind bitcoin.

The bank has been conducting experiments with MUFG Coin among its employees, including using the currency to split restaurant bills with each other over their smartphones.

Unlike bitcoin and other so-called cryptocurrencies, MUFG Coin is tied to Japanese yen, so users can exchange it for yen at the same rate as they bought the digital currency.

MUFG has said it plans to expand the experiment to involve all of its 30,000 domestic employees next year.

Japan’s third-largest lender Mizuho Financial Group is also developing its own digital currency, J Coin, targeting widespread use by 2020.

Reporting by Taiga Uranaka; Editing by David Goodman

Tech

Google cloud chief on tackling the enterprise

SAN FRANCISCO — Google is looking to strategically tackle the enterprise cloud market by open sourcing some of its internal technologies, embracing a multiplatform design principle and setting what it thinks are reasonable expectations for what its customers should move into the public cloud. The company hopes to continue making strides in the crowded market, which Amazon dominates, by helping enterprises identify business processes that can rapidly transition to the cloud and deliver the fastest ROI.

Now that companies can store all the data they want in the cloud for as little as $ 0.01 per GB per month, figuring out what to do with it all is a significant challenge, according to Greg DeMichillie, Google Cloud Platform’s (GCP) director of product management, who spoke with CIO.com at the GCP user conference last week. “It’s the needle in the haystack,” DeMichillie says. “Companies are drowning in data that they know, or that they suspect, there’s value in … but they don’t know how to get the value out of it.”

To read this article in full or to leave a comment, please click here

Network World Cloud Computing

Link to this post!


RSS-3