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Business trends

NTT Data to offer system to put trade paperwork online

Mitsubishi, MUFG Bank, Sompo Japan among seven leading blockchain project

Seven Japanese companies will invest in a new system that will manage many trade operations online, using blockchain technology to prevent tampering. (Source photos by AP and Tsuneyuki Kenmochi)

TOKYO -- NTT Data, Mitsubishi Corp. and five other Japanese companies are forming a venture to shift transactions online using blockchain, Nikkei has learned, after new Prime Minister Yoshihide Suga made it a priority of his government to digitize the economy.

Seven Japanese companies -- including MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance and Tokio Marine & Nichido Fire Insurance -- will jointly invest in the company that will operate the trade information management system, developed by NTT Data. It plans to start offering the service by the end of this fiscal year, sources said.

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