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Mitsubishi UFJ Financial developing new blockchain service

Mitsubishi UFJ Financial Group Inc. is developing a new blockchain service with Akamai Technologies Inc.

The companies are aiming to offer the new global payment network service from fiscal year 2019, according to a May 21 release.

The network will be a diverse payment service that includes functions for the transfer and management of value through blockchain. The platform may be able to process transactions in less than two seconds, which will reduce transaction costs for payment services.