SBI Group is set to make history in Japan by becoming the first Japanese corporation to utilize the XRP Ledger (XRPL) blockchain supply chain solutions. This move comes as Ripple aims to promote the use of enterprise blockchain solutions in Japan. Ripple has entered into a strategic partnership with Tokyo-based consulting firm HashKey DX, which will introduce XRPL enterprise solutions to the Japanese market. HashKey DX will work alongside Ripple and SBI Ripple Asia to develop and implement supply chain finance solutions in the country. These tools will be built on the XRPL, a decentralized blockchain network initially developed by Ripple Labs.
Andy Dan, the head of HashKey DX, emphasized XRPL’s enterprise track record, settlement speeds, low costs, and scalability as crucial factors in building the supply chain finance solution. Dan expressed confidence in their ability to drive significant transformation and introduce cutting-edge solutions for Japanese businesses.
HashKey Group, over the past five years, has developed and implemented blockchain-powered supply chain finance solutions in mainland China. Since its launch in 2019, the firm has attracted over 4,000 registered companies, including 23 banks and 4,300 suppliers, who utilize its blockchain services. The company reports that the total trade amount recorded exceeds $7 billion, and its blockchain solution has financed nearly $3 billion of transactions in China.
Markus Infanger, the senior vice president of RippleX, believes that the future of tokenized markets could reach a value of over $16 trillion. He states that traditional finance players are starting to bring financial assets onto blockchain networks to address pain points in various value chains. This shift is not limited to permissioned, centralized networks but also includes decentralized protocols such as XRPL, Stellar, and Ethereum.
Infanger mentioned that advanced discussions with various financial institutions are ongoing, as they explore tokenization projects to issue assets on the XRP Ledger. These firms already have distribution plans and can outline use cases and how they intend to utilize the underlying blockchain.
Further details about the partnership between Ripple Labs, HashKey DX, and SBI Ripple Asia have been requested from Ripple Labs.