Akamai Technologies and financial group MUFG have announced plans to offer a new blockchain-based online payment network that they say will enable next-generation payment transaction scale and responsiveness.
This hyper-scale payment network, powered by a newly-developed blockchain architecture, is designed to be capable of processing more than one million transactions per second at latencies of less than two seconds per transaction. The underlying blockchain architecture is expected to be extensible to 10 million transactions per second.
Transactions executed across the payment network will be accelerated and secured by Akamai’s cloud security offerings. These capabilities will help provide material cost efficiencies and security enhancements to support digital payments at unparalleled scale.
MUFG and Akamai intend to leverage the technology, built and deployed on the Akamai Intelligent Platform, to offer a new payment network expected to be available in Japan during the first half of 2020. Planned services include support for current payment processing, pay-per-use, micropayments and other developing IoT-enabled payment transactions.
“This new blockchain-based online payment system, built upon our cloud platform, will be designed to address the concerns related to scalability, latency and security that have to date hindered broader use of blockchain,” said Dr. Tom Leighton, CEO and co-founder of Akamai.