Seven Japanese companies are preparing to invest in a new business data management system, according to a report released on October 26 by the Japanese news agency Nikkei. The platform developed by NTT Data uses blockchain technology to prevent malicious third parties from tampering with the recorded data.

The platform is designed to manage receipts for import and export companies, as well as to manage credit letters issued by banks. The new service will also help with the processing of other related documents, which are handled by insurance and logistics companies.

Participating companies allegedly include a major Japanese bank, MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance and Tokyo Marine & Nichido Fire Insurance.

According to Nikkei, the companies expect to launch the new service by the end of the current financial year. The service appears to have already been tested by companies such as Mitsubishi and is said to have cut processing time by 50%.

As reported in 2018, NTT Data has entered into a partnership with Japan Industrial Technology and New Energy Organization – a subsidiary of Japan’s Ministry of Finance – to collaborate on a blockchain platform for the commercial industry.

Cointelegraph contacted NTT Data with further inquiries regarding these incidents. This article will be updated in anticipation of new information.

Source: CoinTelegraph