IBM inks blockchain technology deal with AEON Financial

IBM blockchain technologyBusiness technology major IBM on Monday announced its blockchain technology deal with AEON Financial Services.

AEON Financial Service has tapped IBM Japan for building a blockchain-based financial platform for the Asian market. The strategy is to provide enhanced financial services such as settlement and transactions, including virtual currency payments between individuals and businesses, loyalty points allocation and redemption, and transaction data management.

IBM will assist AEON Financial Service, a group of the largest retail companies in Japan, to develop a new payment network for consumers and enterprises in both Japan and the Asia region, using like blockchain technology.

“AEON Financial Service is working to build a platform that will offer various financial services such as virtual currency payments and loyalty points exchange and redemption not only to customers in Japan but also throughout Asia,” said Masaaki Mangetsu, managing director, Global Business Strategy, AEON Financial Service.

Yoshiki Minowa, vice president, Partner – Cognitive Process Transformation, Global Business Services, IBM Japan, was instrumental in bagging the blockchain technology deal from AEON Financial Service.

AEON Financial Service will conduct the trial on Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. IBM Japan, during the trial, will provide technical support to AEON Financial Service for the technology implementation in the finance sector, as well as associated technology development services.