Mijin Combines Permissioned Blockchains With Bitcoin Ninjas
Promoting a Bitcoin business is key to reaching a mainstream audience. Gone are the days in which a simple standard press release was enough to sway droves of customers to sign up for a new service. Marketing has evolved over time, but permissioned blockchain platform Mijin is taking things to the next level. Bitcoin and […]
Promoting a Bitcoin business is key to reaching a mainstream audience. Gone are the days in which a simple standard press release was enough to sway droves of customers to sign up for a new service. Marketing has evolved over time, but permissioned blockchain platform Mijin is taking things to the next level. Bitcoin and ninja’s make for excellent public relations stunts, though.
Mijin – A Low-cost Solution for Permissioned Blockchains
The financial ecosystem as we all know and hate is subject to hefty fees, as institutions intermittently charge each other percentages to process transactions. All of these fees are paid by the customers and merchants who help the financial ecosystem grow, instead of rewarding these individuals for their help. Reducing costs is key in the financial sector, but finding a proper solution is not easy.
Mijin may very well hold the key to reducing infrastructure costs of financial institutions by as much as 1,000% by 2018. Quite an ambitious goal, to say the least, but their business model is implementing permissioned blockchains to replace traditional databases seems to be a large step in the right direction.
Mijin CEO Takao Asayama stated:
“If a Mijin blockchain is used, security can increase and at the same time the need for redundant, durable, and explicitly backed-up systems will be removed. Our mission is to allow financial institutions to reduce infrastructure costs to 10% of the current costs by the end of 2018.”
Unlike Bitcoin’s blockchain, Mijin is actively looking to provide financial institutions with their own independent blockchains. Doing so opens up opportunities to not only get rid of older technological solutions for storing customer data but even revamp the entire logistics and governance systems at the same time.
Providing up to 25 transactions per second by the end of 2015 by using geographical nodes is a bold claim by Mijin. That being said, the company is confident this amount can be achieved, and ups their game by announcing their goal of offering scalability up to 100 transactions per second by the end of 2016.
But that is not all, as Mijin wants to take the competition to credit cards directly. Doing so would require processing capabilities for a few thousand transactions per second, which allegedly can be achieved within a private network. All of this and more is offered by Mijin while keeping infrastructure costs on the low end of the scale.
The Bitcoin Way of the Ninja
On paper, the business model presented by Mijin sounds very appealing. But the company has proven they are capable of much more than just throwing technical terms around, as their marketing skills deserve a lot of praises as well. No one ever dared to dream that Bitcoin and ninjas would ever see eye-to-eye, but Mijin has made it work somehow.
Bitcoin ninjas have taken center stage during the iMedia Breakthrough Summit in Japan, where parent company Zalf had a booth to present the Mijin business idea to the people. Rather than just putting a ton of flyers and t-shirts on the table, they contacted a secret gang of ninja’s, who share a passion for Bitcoin.
Even the Mijin artwork featured an image of a ninja holding what can only be described as a permissioned blockchain-based weapon. Right next to the ninja in question is the text “The power of the blockchain”, and the Mijin logo. But that is not all, as this ninja clan sent over one of their members to demonstrate the power they wield.
Even Bitcoin’s own Roger Ver could not escape the wrath of the Mijin ninja clan, as can be seen in the picture to the right. It remains unclear as to what Roger actually said to this representative, but he almost lost his life in the process.(Joking) Never underestimate the power of the blockchain, or the people who live and die by that ideology.
What are your thoughts on Mijin and their idea of using permissioned blockchains? Let us know in the comments below!
Source: Bitcoin.com Forum
Images courtesy of Mijin, Bitcoin.com Forum, Shutterstock