Soramitsu Announces "Iroha," a Proposal to the Linux Foundation's Hyperledger Project

Open Source Blockchain and Distributed Ledger Technology

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Sep 26, 2016, 08:00 ET

GENEVA, Sept. 26, 2016 /PRNewswire/ -- Soramitsu Co., Ltd. (CEOs : Makoto Takemiya and Ryu Okada; hereafter, "Soramitsu") has announced today the open sourcing and proposal of a distributed ledger technology (blockchain) platform called "Iroha" to the Hyperledger Project, an open source Linux Foundation collaborative project for the enhancement of blockchain and distributed ledger technology [1].

Soramitsu announces "Iroha," a Proposal to the Linux Foundation's Hyperledger Project

Soramitsu made the proposal of Iroha to Hyperledger from Geneva, today, on September 26, 2016, and the proposal is jointly sponsored by leading Japanese technology firms, including NTT DATA Corporation.

Soramitsu is a Japanese fintech startup, focusing primarily on creating a digital identity platform using blockchain technology, and is a member of the Hyperledger project. Soramitsu has commenced development of derivative insurance contracts using blockchain technology, such as weather derivatives, together with Sompo Japan Nipponkoa Holdings, Inc., a leading insurance company.

Soramitsu also has created a joint research project with The University of Tokyo, The University of Aizu, and the Center for Global Communications (GLOCOM) 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 KYC [2] system using blockchain technology.

From the announcement of Iroha, Soramitsu is also looking for the following:

1.	Donations to the open source development of Iroha and related services
	Bitcoin Donation: 17L4PWkV2zowoG9oLj8BWhic8djz7PwqhW

2.	Open source contributors to Iroha development
	github: https://github.com/soramitsu telegram: https://telegram.me/joinchat/BvyrLQprMKIsI0B1RlpbjA

* For developers, several types of incentives are under consideration, such as "Iroha Tokens"

3.	Development Partners
	Soramitsu is looking for development partners for Iroha's core development and improvement.

4.	Additional use-case partners for Iroha
	Soramitsu is looking for additional "Use-Case" partners for Iroha.

5.	Partners for KYC Service
	Soramitsu is looking for partners for its KYC. Recently, complying with KYC requirements has posed many problems for financial institutions and other industries. Soramitsu is looking for global KYC partners.

We envision a world where everyone can easily interact with each other using blockchain technology for the development of the world economy.

What is Iroha?

Simple architecture, easy to understand and to develop
Adapted from the Hyperledger Fabric architecture, with plans for greater interoperability in the future
Distributed ledger technology and smart contract platform
New Byzantine Fault Tolerant consensus algorithm, called Sumeragi
Java-based smart contracts
Simple issuance and transfer of digital assets, such as currencies/points
Mobile and web application development platforms, with sample applications under construction

Expected use-cases for Iroha (among others)

Payment and Settlement
Contract management
Securities clearing
Development of financial products such as insurance
Supply Chain Management
Smart Grid
Trade finance
KYC [2]
Notary and time stamp services
Sharing Economy
Healthcare
IoT

About Soramitsu

Soramitsu is a Japanese startup founded in February of 2016, focusing on blockchain and distributed ledger technology. Currently, Soramitsu is developing a platform for managing digital identities. Since identity management is required for many disparate services, building a digital identity platform on blockchain technology is an important way to manage identity for applications involving many different players. Soramitsu is a member of the Linux Foundation's Hyperledger Project. The Hyperledger Project aims to create global standards for blockchain and distribution ledger technology, with the aim of providing practical solutions for businesses and meeting the needs of society.

[1]	Blockchain and Distributed Ledger Technology (DLT) are software systems that provide a protocol for value transfer over the Internet.
[2]	Know Your Customer (KYC) is a regulatory requirement that financial institutions have for verifying the identity of their customers (usually with the goal of preventing illegal activity and money laundering).