Manufacturers of Japan enter a blockchain-backed data sharing agreement

by in Blockchain News

Manufacturers of Japan enter a blockchain-backed data sharing agreement

A data sharing arrangement was made between 100 influential Japanese corporations. There are corporations among these 100, that are globally known, like Mitsubishi Electric or Yaskawa Electric.

Related: JPMorgan’s blockchain network will launch in Japan in 2020

This project was specially designed to advance productivity, decrease risks of info leaks and make operating prices inexpensive. The project is going to be managed by a team of entrepreneurs known as the Industrial Value Chain Initiative. This team started its activity in 2015 and was to establish the Internet of Things in the country.

This agreement is similar to Nissan-Renault-Mitsubishi alliance, it includes information about the product’s design, the status of product material and quality review info, thereby increasing productivity and competitiveness.

But unlike data sharing and storing on servers method, blockchain offers all the manufacturers extra flexible, secure and stable data sharing and storing model. This agreement allows manufacturers to choose how much info to share or to how many organisations to share that info with on their own. Also, the corporation can decide to charge a fee for info sharing.

The project is going to launch in spring 2020.