Hitachi and BTMU start blockchain testing

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Hitachi and the Bank of Tokyo-Mitsubishi UFJ (BTMU) have started proof-of-concept testing of blockchain technology for electronic cheque processing in Singapore. Traditionally, handwritten cheques can take roughly 2-4 days to clear, but with distributed ledger protocol processing will be instant. The Hitachi/BTMU initiative is also expected to be applicable in improving speed of delivery in supply chain finance.