Bank of Tokyo is Planning to Use Blockchain for Contract Management

Bank of Tokyo-Mitsubishi UFJ (BTMU) intends to begin managing its contracts on a blockchain-based platform.

Built on technology provided by the still in-development Hyperledger project and the design services of IBM, the two companies revealed today that the platform will manage service level agreements between BTMU and other third parties, starting first with IBM.

IBM’s vice president of blockchain solutions and research Ramesh Gopinath told CoinDesk the first phase of building the platform is complete, allowing the detailed tracking of workflows within the Japanese bank, with a second phase currently underway to connect workflows between companies.