Soramitsu Co., Ltd. has announced the open sourcing and proposal of a 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 on September 26, 2016, and it is jointly sponsored by Jaapanese technology firms, including NTT DATA Corporation.
A Japanese fintech startup focusing primarily on creating a digital identity platform using blockchain technology, Soramitsu is a member of the Hyperledger project. It has commenced development of derivative insurance contracts using blockchain technology, such as weather derivatives, together with insurance company Sompo Japan Nipponkoa Holdings, Inc.
Soramitsu has also created a joint research project with The University of Tokyo, The University of Aizu, and the Center for Global Communications 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 Know Your Customer system using blockchain technology and are looking for global KYC partners.
Iroha is a distributed ledger technology and smart contract platform using Java-based smart contracts and a Byzantine Fault Tolerant consensus algorithm, called Sumeragi. It facilitates simple issuance and transfer of digital assets, such as currencies/points, and mobile and web application development platforms, with sample applications under construction. Expected use-cases for Iroha include: payment and settlement, contract management, and securities clearing.