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SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, has announced a proof of concept (PoC) on sharing fraud information using blockchain technology together with nine major credit card issuers and two payment-card technology providers.
The participating credit card issuers are the members of the “Consortium of Payment Card Industry Utilizing Block Chain Technology” (or the “Japan Payment Card Consortium”), announced in December 2017 by SBI Ripple Asia, and include American Express, AEON CREDIT SERVICE, EPOS Card, Orient Corporation, CREDIT SAISON, JCB, TOYOTA FINANCE CORPORATION, Sumitomo Mitsui Card, and SUMITOMO MITSUI TRUST CLUB, and the two payment-card technology providers are TIS, Hewlett-Packard Japan.
The consortium members aim to use blockchain to facilitate real-time sharing of information among related parties in order to prevent the spread of damages caused by fraudulent transactions.
According to the official release, the PoC will be conducted on Corda, R3's blockchain platform with each participating company owning a Corda node. Each participating company will implement its own security policy, while the data sharing among the nodes is secured by Corda.
TIS will develop a highly secure, convenient and scalable information sharing system on Corda. The consortium will utilize the HPE Mission Critical Distributed Ledger Technology (DLT) Lab as the test environment.
“For the purposes of the PoC, information will only be shared among the participating card companies. However, in the future, the consortium will also consider sharing information with a wide range of parties, including merchants and payment service providers (PSPs),” the release said.
The Japan Payment Card Consortium aims to build a common platform for cross-industry basic technology research. It also seeks to establish an effective settlement environment by improving the user experience, thereby reducing social costs and improving productivity in a cashless society.
