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Japan's B2B Firm JCB Associates With Keychain For Blockchain?

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  • Tip Bones

Japanese business to business (BB) payments firm JCB is partnering with Singapore blockchain technology provider Keychain, to capitalize on using blockchain in the payments space, JCB announced in a press release.

Keychain is developing an innovative data security framework, targeting the financial, industrial, and enterprise spaces. It's central offering, Keychain Core, is a “solution accelerator” that enables its partners to create applications with “self-sovereign identity, data-centric security, secure workflows, contracts, settlement, and custom, digital assets.” 

Keychain Core works with the Internet of Things IoT devices as well as computers, tablets, smartphones, and wearables.

JCB said it will use Keychain’s platform to build out cybersecurity features, and “operational integrity, in next-generation payments systems,” according to the release. 

The Japan Credit Bureau changed its name to JCB. And then the company introduced Japan’s first credit card, which was compatible with the ISO standard, according to its website. 

Keychain investors include; Monex Ventures, IDATEN Ventures, and others. Keychain Core received an award from Japan’s Ministry of Economy Trade and received the Global Fintech Award by the Association of Banks in Singapore.

Keychain Core rolled out two years ahead of schedule, according to a September press release. 

“Keychain gives our partners access to tooling, that is fit-for-purpose in critical applications, two years ahead of what a recent blockchain report by Allied Business Intelligence suggested would be available on the market only in,” said Jonathan Hope, Keychain CEO.

Recently, JCB announced a partnership with the blockchain-enabled commercial payments platform, Paystand. The collaboration will offer the first end-to-end digital payments platform for JCB customers and Japanese enterprises.

The proposed solution takes on a significant gap in Japan’s current BB payments market and provides the corporate subset of JCB’s million customers with an alternative to legacy payment methods, such as credit cards and cash.

While Japan’s BB payments market accounts for $ trillions in annual volume and is still dominated by cash transactions, as are many markets. 

Only Japan’s commercial payments are made by credit card, and an even smaller portion is made via technology, like bank transfers.