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Technology

Blockchain unlocks instant exporter pay in Tokio Marine system

New cross-border settlement program to debut in fiscal 2023

Exporters now often wait up to a month to be paid for shipments. Tokio Marine's new framework would allow instantaneous transactions. (Photo by Kosaku Mimura)

TOKYO -- Tokio Marine & Nichido Fire Insurance plans to launch a payments system for international shipments in fiscal 2023, using blockchain technology and digital currencies to slash waits and costs for cross-border transactions.

The insurer says the system, which was developed in cooperation with NTT Data and Tokyo-based blockchain company Standage, is the first of its kind in the world. The move comes as the industrial sector increasingly embraces digital currencies to improve efficiency.

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