Significant Japanese corporation driving cryptocurrency use

Significant Japanese corporation driving cryptocurrency use

On September 7, Kintetsu Group Holdings Co., Ltd., a business noted in Japan that mainly runs a train linking significant cities in the Kinki and Tokai areas with traveler locations, revealed the launch of a social experiment utilizing the virtual neighborhood currency Kintetsu Harukas Coin as part of a brand-new smartphone-based shopping system utilizing blockchain innovation.

The experiment will be performed in cooperation with Mitsubishi Research study Institute, Inc., a Japanese think tank. This is the 2nd experiment following one performed in September 2017, and the business seems targeting at the major launch of Kintetsu Harukas Coin in early 2019.

The social experiment will be performed in between October 1 and December10 The Kintetsu Group owns the Kintetsu Outlet store chain where the experiment will be performed in-store, in addition to 400 other places consisting of the Harukas 300 observatory atop the 300 meter high Abeno Harukas tower (Japan’s highest structure– situated in Osaka) and the Abeno Harukas Art Museum.

Kintetsu Group’s main site is now accepting applications and users of the Kintetsu-affiliated charge card and the KIPS Card, which grants reward points for shopping at Kintetsu-affiliated shops, will have the ability to take part in the experiment. Over 1,650,000 individuals presently utilize the KIPS card.

To make payments, individuals download an application to their smart devices beforehand and just scan a QR code with the application at getting involved shops. The currency exchange rate for the Kintetsu Harukas Coin will be one-for-one with the Japanese Yen. Users will have the ability to move coins amongst themselves, while getting involved shops have the ability to evaluate the users’ client base and shopping information, which can be utilized for sales promos.

In an interview with The Nikkei performed in October 2017, Mr. Kazuhito Fujita, supervisor at business Advancement Department, Kintetsu Group Holdings, revealed his interest for the social experiment, stating: “We have actually established neighborhoods along train lines by broadening the train facilities. Moving forward, we wish to trigger locals and employees who utilize trains with monetary facilities.”

Surprisingly, in the September 2017 experiment, approximately 90% of individuals reacted that they did unknown anything about virtual currencies prior to the test, however over 85% of individuals reacted that the payment operation was simple and they wish to continue utilizing it in the future. Whether the experiment will cause the major usage of the virtual neighborhood currency is drawing in increasing attention. Kintetsu’s dedication to the task is high as the business is a singing supporter of the “cashless society” and prepares to consist of a series of value-added services for KIPS card users using blockchain innovation.

The Kintetsu Group test will sign up with numerous virtual neighborhood currency tasks are now working in Japan. The Hidashin Association in Gifu Prefecture began a social experiment utilizing Sarubobo Coin in May 2017 and formally began services for the public on December Fourth in 2015. Sarubobo Coin is a local cryptocurrency established collectively by Hidashin Association and iRidge, Inc., a mobile phone application advancement business.

The coin is readily available just in Takayama-shi, Hida-shi, and Shirakawa-mura and utilizes blockchain, which is a standard cryptocurrency innovation. Users have the ability to pay utilizing the mobile phone application at stores and dining establishments.