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The Japanese internet and business solutions company, Digital Garage will be working with Blockstream — a financial blockchain solutions company to create a new technology platform. Digital Garage announced the collaboration between two innovative entities in a recent press release.
According to Digital Garage’s statement, the new blockchain based products developed in association with Blockstream will be exclusively targeted towards the Japanese market. DG Lab — an open innovation research and development organization created by Digital Garage, Kakau.com and Credit Saison Co., Ltd will be directly working with Blockstream on this initiative.
DG Lab will be adopting Blockstream’s Sidechain technology for three mid and long term projects. The projects include; a Real-time Exchange System, a Regional Money System and Machine Automated Contracts platform. The focus of Real-time Exchange System will be on managing credit card loyalty points, digital currency and electronic money/prepaid values.
The Regional Money System will provide quantitative marketing tools for the benefit of regional producers and customers. With the Regional Money System, DG Labs intends to promote the development of local economy.
The Machine Automated Contracts project is akin to smart contracts for automating various processes in the financial industry. These automated computable contracts will help financial services companies streamline their process while reducing cost overheads.
The CEO of Blockstream, Dr. Adam Back was quoted in the press statement saying,
“Digital Garage has undertaken significant work to analyze Bitcoin and next generation blockchain technology. I am impressed with both their technical and business understanding of what these new areas of technology mean for their business and for the Japanese market. With their new DG Lab, Digital Garage is well positioned in Japan to lead a wave of new innovation for payments and financial systems.”
Blockstream is a leading cryptocurrency and blockchain applications development company which has played a significant role in the development of Bitcoin. The company is also involved in the development of cutting-edge financial networks based on Bitcoin sidechains. Digital Garage is one of the investors in Blockstream, and the collaboration takes this partnership to the next level.
Ref: Digital Garage | Image: NewsBTC