Tech Bureau Corp. operating Zaif Exchange for bitcoin today disclosed that the Japanese fintech company developed a platform to establish private bitcoin blockchain with low cost, named “mijin”. The company explains that mijin is fintech utilizing blockchain and aims to reduce infrastructure cost for financial systems by less than one tenth by 2018.

What is “mijin”?

Originally, bitcoin is managed with open and public blockchain, but this blockchain platform “mijin” will be used among P2P private network.

As mijin allows users to develop “Permissioned Blockchain” which is available for specific network such as in a company, and between partners, they can benefit from zero-downtime blockchain, robust security and higher performance. Also mijin will achieve significant cost reduction.

Tech Bureau proposes that by replacing existing database with the blockchain developed by mijin, the blockchain can be advanced system infrastructure of a wide range of businesses and services including points services, payment services, online games, frequent flyer programs, logistics, insurances, financial institutes, and government.

Future of mijint

The company is conducting closed beta-test and will start to provide mijin to partnered companies from the beginning of 2016. In the spring of that year, the company will launch paid commercial licenses and open-sourced licenses.

Additionally, in 2016, the company plans to implement smart contract function between private blockchains via NEM.

Below is a promotion video of mijin.

(Source: PR TIMES)

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