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Japanese Bank to power payments through IoT Devices, push for a cashless society

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When it comes to Fintech innovation and regulation, Japan has shown full perseverance over the last decade. It has placed innovation at the core of its developmental objectives and carefully maneuvered through the various challenges the country has faced in terms of calamities. Owing to the convenient technological topography, Bitcoin was able to thrive fluently in Japan. Proponents of the cryptocurrency would surely remember about Mt.Gox debacle and the drama that ensued which affected Bitcoin development for some time. Recently Japan’s Mizuho bank announced the development of Fintech payments platform for IoT devices. Let’s delve into the details of the announcement and the impact:

IoT Payments Overview:

The Internet of things is the internetworking of physical devices, vehicles (also referred to as “connected devices” and “smart devices”), buildings, and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data. The idea of IoT powering payments is not new and has been under experimentation by various Tech giants. Smart watches, mobile phones and other gadgets have been piloted as simple payment devices by many companies.

Mizuho Bank’s plan:

Mizuho bank is planning to develop a secure Fintech payment platform to be used by connected IoT devices such as smart devices, home devices, phones, cars and wearables. In order to develop the platform for IoT devices, Mizuho will partner with SORACOM Inc., a Japanese IoT platform provider. Cellular SIM cards and circuit cards that are commonly found on all smartphones and communication devices will be used by the bank. This enabled connectivity will be jointly developed by the bank and the connectivity provider, with SORACOM’s IoT platform used as the core technology.

What this would mean for Bitcoin and digital currencies:

A IoT connective payments platform would certainly improve the prospects of Bitcoin adoption. With the evolution of the platform, there would be heavy demand for fiat to cryptocurrency conversion apps and might even pay way for Bitcoin payments platform. Additionally Bitcoin itself has numerous applications in the IoT world owing to its micro-payments feature. This would lead to possibilities where Bitcoin usage oriented applications would power IoT. This might even lead to  the development of an IoT Payments platform Bitcoin ecosystem that will thrive on micro-payments and real time applications. How feasible this platform would be and contribute to Japan becoming a cashless society, only time will tell.

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