Japanese cryptocurrency and Blockchain development company Tech Bureau and $89 bln multinational conglomerate company Hitachi is implementing the NEM-based Mijin Blockchain platform onto Hitachi’s point management solution “PointInfinity.”
PointInfinity, Hitachi’s point management solution which handles over 150 mln members and users, is Japan’s most widely utilized system by merchants and service providers. PointInfinity allows merchants to deploy point-based and electronic money managements systems, wherein they can design their own membership programs and Point of Sale (PoS) software for loyalty programs and special offers.
Hitachi’s point management solution is particularly popular amongst restaurants, coffee shops and retail outlets that provide users with unique offers, discounts and loyalty points.
Tech Bureau and Hitachi are seeking to integrate the Mijin Blockchain technology into Hitachi’s point management solution in the near future, to autonomously process loyalty points and manage electronic money settlement platforms within a more secure, transparent, efficient and immutable ecosystem.
Based on NEM, the 9th largest cryptocurrency and Blockchain network, the Mijin Blockchain platform allows large-scale companies like Hitachi to utilize an unmodifiable, undeletable and transparent Blockchain network with support for multiple assets, multisig accounts and smart contracts.
Local support for multiple assets is specifically important and necessary for Hitachi as users of its point management solutions operate various loyalty programs which depend on different levels of rewards and assets.
Unlike the majority of Blockchain platforms that are currently being explored by major businesses and technology companies, the Mijin Blockchain platform prioritizes security and immutability. Hitachi saw great potential in the secure Blockchain technology of Tech Bureau and has been testing the Mijin Blockchain platform since Feb. 9.
After gathering results from the tests, Hitachi decided to engage in the proof of concept and to implement the Mijin Blockchain technology into its PointInfinity.
If Hitachi and Tech Bureau successfully integrates the Mijin Blockchain technology into PointInfinity, it will mark the largest non-finance Blockchain implementation by far. Upon the integration of Mijin, Hitachi will begin processing data points of its 150 mln users.
Developers of Mijin wrote:
“With this specific application test, the large scale point management solution “PointInfinity” will leverage “Mijin” to verify the predictability of the Blockchain technology application that has entered into product development and expansion. Hitachi Solutions currently has over 150 mln members on their point management solution and Hitachi will engage in this proof of concept.”
One advantage Tech Bureau and Hitachi has over its competitors in the global Blockchain market is that the Japanese government and its Ministry of Economy, Trade and Industry are in full support of Hitachi’s vision of utilizing Blockchain technology to optimize its point management solution.
“Local currency is supposed to be used for substituting settlement with legal currency, and high availability is required accordingly. Higher availability may be required for local currency than for loyalty point services. In this respect, Blockchains are effective in that they can build and operate more stable systems,” a report from the Nomura Research Institute contracted by Japan’s Ministry of Economy, Trade and Industry read.
With such support from local authorities, Hitachi will be able to focus on product development, rather than allocating its resources to avoid regulatory conflicts in the future.