A Japanese blockchain technology company funded in February 2016, Soramitsu announced that the FinTech firm proposed its open source distributed ledger technology (blockchain) platform called "Iroha" to the Hyperledger Project, an open source Linux Foundation collaborative project in September and the Iroha has been officially accepted as Incubation on October 13, 2016.

The Iroha was proposed to the Hyperledge Project in Geneva, jointly sponsored by leading Japanese technology firms including NTT DATA Corporation and Israeli blockchain company COLU. Following IBM’s Fabric, and Intel’s Sawtooth Lake, Iroha was the third accepted project in the world.

As Iroha is a versatile platform that can be utilized in various industries, currently Soramitsu collaborates to develop derivative insurance contracts using blockchain technology with Sompo Holdings, a leading insurance company, and to conduct joint research project with The University of Tokyo, The University of Aizu, and the Center for Global Communications (GLOCOM) of the International University of Japan to study the economics of local currencies and their effects on regional development in the areas. Furthermore, together with Rakuten Securities, the firm has commenced to work to develop a KYC system using blockchain technology.

(Source: PRTIMES )

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