Mijin to Reduce Banking System Costs by up to 1,000% by End of 2018

The goal of Mijin, is to allow financial institutions to reduce infrastructure costs by up to 1000% by 2018.

The father of Bitcoin, Satoshi Nakamoto, bestowed blockchain technology on the world. Mijin is the platform to let anyone set up a blockchain on a peer-to-peer network easily.

Within a single company or between partners, a permissioned blockchain is often desired, not only to realize zero downtime, but also to improve security and performance, at low cost.

Mijin blockchains can replace traditional databases to easily create point systems, payment services, online games, airline mile programs, logistics, insurance, financial systems, and even governance systems.

CEO Takao Asayama commented that, “If a Mijin blockchain is used, security can increase and at the same time the need for redundant, durable, and explicitly backed-up systems, will be removed. Our mission is to allow financial institutions to reduce infrastructure costs to 10% of the current costs by the end of 2018.”

The legal adviser to Tech Bureau from Mori, Hamada Matsumoto Legal Office, Masujima said that, “A key difference compared to Bitcoin is that Mijin will allow private blockchains. This is profoundly interesting because of the potential to completely change financial, logistics, and governance systems.”

Mijin will provide an initial capacity of up to 25 tx/sec by the end of 2015 with geographically distributed nodes, with the goal to improve throughput up to 100 tx/sec by the end of 2016.

Within a private network, Mijin will provide a robust capacity of up to several thousand tx/sec. This will put performance on par with what credit card processors require, while keeping infrastructure costs low.
Chief Blockchain Officer at Tech Bureau and core developer of Bitcoin 2.0 project, NEM, Makoto Takemiya, added that, “NEM has been in development from scratch for 18 months and the NEM team has the expertise and experience to make Mijin the best private blockchain system in the world.”

Starting in 2016, Mijin will start a private beta testing phase with partner companies, with the goal of releasing an open source version of the project in the Spring.

Also, within 2016, it is planned to be able to execute smart contracts across Mijin blockchains, by communicating via the main NEM chain.