New Japanese Coalition For Information Sharing Will Use Blockchain To Ensure Security

By Sumedha Bose

Blockchain has always been praised for its immutability and security, which has proven to be an asset in information storing and sharing for many major corporations and government bodies. Once again, it is these features of Blockchain that are being used by the Japanese in a new data collection initiative.

Reportedly, 100 Japanese manufacturing firms have come together to build an information sharing platform using blockchain technology. First published in Tokyo-based financial outlet Nikkei, the report states that the manufacturers are looking forward to the increase in efficiency and security that such a technology would bring to the platform.

The priority for such companies who are dealing with extremely sensitive data is that they are looking to keep the information sharing process completely secure and they belive that a technology like blockchain would be able to facilitate that process for them.

As the times are progressing, sharing data with competitors is being viewed as an asset rather than a liability. So all these Japanese companies are looking to take part in this information exchnage so as to boost their own growth.

Multinational electronics manufacturer Mitsubishi Electric and industrial robotics manufacturer Yaskawa Electric are among the few top names on the list of companies looking to share information. The platform that this collective will be using will be overseen by Industrial Value Chain Initiative (IVCI), a group of manufacturers looking to promote the research and the use of the Internet of Things (IoT) in the manufacturing industry. This is their first blockchain venture.

The participants will have control over their data and they will be able to decide how much they wish to share with others. They also have access over the viewing rights of the data that they choose to share, and can also charge a fee for the access of the data and more.

In my opinion, the best part about this project is that it aims to bring smaller corporations on board as well, so they can benefit from this process of data sharing. It is a great initiative to foster stronger ties between these various companies.