Soramitsu Co., Ltd. (CEOs : Makoto Takemiya and Ryu Okada; hereafter, “Soramitsu”) has announced the open sourcing and proposal of a distributed ledger technology (blockchain) platform called “Iroha” to the Hyperledger Project, an open source Linux Foundation collaborative project for the enhancement of blockchain and distributed ledger technology.
Soramitsu made the proposal of Iroha to Hyperledger on September 26, 2016, and the proposal is jointly sponsored by leading Japanese technology firms, including NTT DATA Corporation.
Soramitsu is a Japanese fintech startup, focusing primarily on creating a digital identity platform using blockchain technology, and is a member of the Hyperledger project. Soramitsu has commenced development of derivative insurance contracts using blockchain technology, such as weather derivatives, together with Sompo Japan Nipponkoa Holdings, Inc., a leading insurance company.
Soramitsu also has created a joint research project with The University of Tokyo, The University of Aizu, and the Center for Global Communications (GLOCOM) of the International University of Japan, to study the economics of local currencies and their effects on regional development in the area around Aizu, in Fukushima Prefecture, Japan, and will include experiments using local currencies running on Iroha.
In addition, Soramitsu and Rakuten Securities, Inc., have announced that they are working together to develop a KYC system using blockchain technology.