FUJIFILM Business Innovation Hong Kong Completes New Proof of Concept on Public Blockchains
Enables Secure Payment Transactions Triggered from Tokenized Documents
HONG KONG, February 22, 2023 – FUJIFILM Business Innovation Hong Kong (FUJIFILM BI HK) is pleased to announce the successful completion of a proof of concept (PoC) in document tokenization through public blockchains, as supported by HSBC’s digital payments capabilities. This first-of-its-kind innovation will enable secure, fast and fully compliant payment transactions on public blockchain platform as one of the commercial applications in the future.
The PoC is built on FUJIFILM BI HK’s ongoing exploration of public blockchain technology for the benefit of Hong Kong enterprises. HSBC will be able to exercise the payment transaction processing automatically and securely after semi-fungible tokens (SFTs) are minted from FUJIFILM BI HK’s smart contracts, bringing business customers significant benefits in information security, process efficiency and transaction costs.
The technology in this collaboration is also supported by the global Blockchain-based Service Network Spartan (BSN Spartan), a decentralized cloud service network of the distributed ledger technology without the involvement of cryptocurrencies. It aims to allow organizations to integrate blockchain into their traditional clouds and data centers for the secure exchange of verified data.
Mr. Tatsuya Nakamura, Managing Director of FUJIFILM Business Innovation Hong Kong, said, “All industries involve payment transactions during commercial activities. There is significant potential in building Smart Workstyle. FUJIFILM Business Innovation Hong Kong is committed to collaborating with leaders across different sectors to explore the adoption of various innovation technologies. We are honored to collaborate with HSBC, a globally renowned financial institution, to complete the PoC for document tokenization, as well as showcasing how a blockchain-based solution can bring tangible benefits to the wider business community in Hong Kong.”
Mr. Vincent Lau, Regional Head of International Payments, Asia Pacific & Global Emerging Payments Lead, Global Payments Solutions, HSBC, said, “More corporate customers and partners are leveraging blockchain technology to make business operations more seamless. We are pleased to be working with FUJIFILM Business Innovation Hong Kong on this proof of concept, experimenting the potential of tokenized document triggered payments through HSBC’s patented technology – HSBC DLT Settlement Utility. We look forward to evaluating additional features and capabilities of document tokenization via public blockchains, and to eventually co-creating commercial value together with our customers.”
HSBC DLT Settlement Utility (HDSU) solution can facilitate settlement and payments for blockchains and DLT networks in a regulated and compliant manner. HDSU supports both emerging and traditional payment rails, and can be deployed natively onto public non-crypto blockchains and permissioned DLT networks, or interface with these networks via API. It has been deployed in a number of PoC projects for different use cases, such as large value securities settlement, corporate cash management, as well as trigger-based supplier payments.
Specializing in document management and consultancy, FUJIFILM BI HK recently announced the partnership with Red Date Technology, the architect of the BSN, to help enterprises in Hong Kong tackle the authenticity challenges of documents and automate business processes via public blockchains.