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Japanese Company Raising Funds Abuses Tech Bureau Corp. Credentials

Source: bitcoin

Bitcoinist_Company Credentials

Success in the world of Bitcoin and cryptocurrency inadvertently leads to unwanted attention. In the case of Tech Bureau Corp, the company behind Zaif and Mijin blockchain technology, they became the victim of Akitsu, Co, Ltd. using some of their product names for commercial purposes.

Also read: Bitcoin.com Launches Official Casino, Free Bitcoin Bonus

Akitsu Crowdfunds By “Borrowing” Tech Bureau Corp. Resources

Both Tech Bureau, Corp and Dragonfly Pte, Ltd saw some names of their staff members, product names, materials, trademarks, and business plan abused by a company going by the name of Akitsu, Co, Ltd. All of these efforts were part of commercial activities conducted by the latter company, primarily in the field of fundraising activities using the resources as mentioned earlier.

Tech Bureau Corp. made it clear they – nor Dragonfly Pte, Ltd. – have any relationship with Akitsu, nor did they make any commitment to share their resources with this company. Additionally, the usage of the trademarks is prohibited,  and there are no capital ties between the affected businesses and Akitsu. However, one of the former officers of Tech Bureau Corp. was involved on Akitsu at a previous stage in his career.

According to the information, we have received, Akitsu was founded in January of 2016, and dissolved less than a month later. To make matters even more intriguing, Akitsu founders have started a new company called Soramitsu Co. Ltd three days later. Tech Bureau Corp. and Dragonfly have no commitment to this new business either, which is registered at the same address as Akitsu once was.

Both affected companies have launched a thorough investigation into the matter, and the evidence is pointing toward a breach of confidentiality, misfeasance, or misinformation. The investigation is still ongoing at the time of publication, and more information will be revealed as it becomes available.

Investors of Tech Bureau Corp. and Dragonfly Pte, Ltd were worried about this new company using their trademarks and names of their staff members. Keeping in mind how Tech Bureau runs the Zaif Bitcoin exchange, as well as the Mijin blockchain platform, they have gotten a lot of attention in recent months. Apparently, certain individuals are looking to ride their coattails, a business malpractice that has been nipped in the bud before it could become a significant concern.

What are your thoughts on Akitsu using the trademarks and staff member names of another company involved in the Bitcoin world? Let us know in the comments below!

Source: Tech Bureau

Images courtesy of Tech Bureau, Shutterstock

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Japanese Company Raising Funds Abuses Tech Bureau Corp. Credentials

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Dub 18

Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test




Source: bitcoin

Bitcoinist_Mijin

Various financial institutions and blockchain providers are testing distributed ledger technology solutions these days. Tech Bureau Inc. provides blockchain infrastructure through Mijin, and their blockchain infrastructure was successfully tested by SBI Sumishin Net Bank.

Also read: Bitcoin Price: Stagnant or Satisfactory?

Mijin Blockchain Infrastructure Field Trial

It is worth noting this field trial of Mijin blockchain infrastructure was not a typical trial of securities system, but rather to see if the blockchain can be a viable accounting system for financial players. SBI Sumishin Net Bank was curious to find out of a customer blockchain can replace the centralized ledger currently employed by the bank.

As it turns out, a total of 2.5 million virtual bank accounts were created, and the Mijin blockchain infrastructure managed to process 90,000 transactions per hour. To ensure the system was stable enough, six different nodes were set up across Amazon AWS servers, and a stress test was conducted to determine system availability and fault tolerance.

Although many people suspect various banks around the world have been conducting similar blockchain experiments in recent times, very little information has been made publicly available. SBI Sumishin Net Bank is the first to acknowledge openly a successful ledger trial through blockchain infrastructure, as provided by Mijin.

Dragonfly Fintech’s Lon Wong stated:

“The outcome of the test shows that blockchain can be used for the core banking system. The Mijin/NEM Technology makes it easy to integrate with the core banking system. In fact, it should coexist with legacy core banking systems, run in parallel, and finally replacing them in the long term.”

Contrary to popular belief, blockchain technology might be more applicable to accounting systems rather than post-trade processing. Although the blockchain can be useful to various aspects of the financial sector, Mijin blockchain infrastructure has shown the world it is possible to use distributed ledgers in an accounting setting. After all, the majority of current mainframes have become a liability, which forces banks to come up with innovative solutions.

Last but not least, it does not look like the maximum capacity of the Mijin blockchain infrastructure has been reached yet. Tech Bureau Corp. CEO Takao Asayama feels the technology can achieve four-digit transactions per second. However, developers and engineers are working on a solution to increase this capacity over the coming months.

What are your thoughts on this field test of blockchain infrastructure in the accounting sector? Let us know in the comments below!

Source: Mijin

Images courtesy of PR Web, SBI Sumishin Net Bank

The post Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test appeared first on Bitcoinist.net.

Japanese Bank Acknowledges Mijin Blockchain Infrastructure Test




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