Akamai and MUFG Announce Blockchain-based Online Payment Network

Akamai Technologies and Mitsubishi UFJ Financial Group (MUFG) have announced an expansion of their relationship through the establishment of a joint venture, the Global Open Network (GO-NET) and their plans to offer a blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness.

GO-NET is the result of more than three years of close collaboration between Akamai and MUFG. Both organisations will be investors in GO-NET, which is expected to make the payment network available in Japan during the first half of 2020. GO-NET aims to provide a comprehensive set of services, including support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions.

Critical to the joint venture will be Akamai’s Blockchain as a Service solution, which will leverage its globally distributed Intelligent Edge Platform to power the online payment network. Akamai’s Blockchain solution is proven to be capable of processing more than one million transactions per second at under two-second latency per transaction. In addition, transactions executed on the platform will be secured and accelerated by Akamai’s cloud security and performance offerings. MUFG will provide the know-how of financial services and expertise in business development to grow the joint venture.