Japanese banks prove blockchain capable in transaction speed tests
Japan’s three largest banking groups have proved that domestic money transfers that utilise blockchain tech are as fast as current transaction methods in a joint trial. The findings will likely encourage others to adopt the technology for conventional banking commerce. The banks, along with Deloitte Tohmatsu accounting group, formed a research forum to work alongside bitcoin exchange operator bitFlyer to carry out the nine-month proof of concept experiment. The tech was able to handle 1,500 transactions per second, with current interbank wire systems managing 1,400 per second.

TOKYO -- Japan's three biggest banking groups found in joint testing that domestic money transfers using blockchain technology were just as fast as current systems.

This will likely pave the way for the commercial adoption of the technology, which underpins the bitcoin digital currency, in the conventional banking industry. The banks will publish their findings in the near future.