Japanese IT firm Fujitsu has unveiled a new payments technology designed to facilitate transactions between blockchains.
Announced today, the “ConnectionChain” project is aimed at providing a way for two cryptocurrency networks to interoperate. In statements, the company – which is a member of the Hyperledger blockchain consortium and has developed several products based on the technology to date – suggested that rising activity around cryptocurrency exchanges and initial coin offerings (ICOs) is driving demand for such services.
“Settlement between virtual currencies managed using blockchains, however, requires a reliable application to handle the currency exchange processing at the boundaries between the blockchains, and ensuring transparency in this process has been an ongoing issue,” the company said.
To that end, Fujitsu is looking at using a dedicated “cross-chain” that would encompass information from other blockchains, in addition to a transaction control mechanism for organizing when transactions are timed and executed.
Here’s how Fujitsu described the product: […]
Read Full: Fujitsu Eyes Cryptocurrency Trading With Cross-Blockchain Payments Tech – CoinDesk