TOKYO, Nov. 1, 2016 /PRNewswire/ -- Soramitsu Co., Ltd. (Co-CEOs: Makoto Takemiya, Ryu Okada; hereafter, Soramitsu) developed an open source distributed ledger (i.e., blockchain ) platform, Iroha, and submitted it to the Linux Foundation's Hyperledger Project as an incubation sub-project. Iroha was accepted into incubation status and will join IBM's Fabric and Intel's Sawtooth Lake as the third distributed ledger project with incubation status.
Iroha is a new distributed ledger platform that was developed from scratch and proposed to the Hyperledger Project by Soramitsu, NTT Data, and Israeli startup Colu, among others, on September 26th, 2016, in Geneva, Switzerland. On October 13, 2016, Iroha was officially accepted into incubation status.
Iroha aims to provide a secure and decentralized data management platform for financial institutions, as well as many other fields, such as healthcare and logistics. Using the custom "Sumeragi" consensus algorithm, Iroha aims to provide consistent transaction finality within 2 seconds, making the platform useful for many real-world scenarios. To provide high throughput scaling to thousands of transactions per second, Iroha uses UDP multicast and C++ for data processing.
To explore use cases and work to increase the viability of the Iroha platform, Sompo Holdings Inc. is working with Soramitsu to create derivatives on top of the distributed ledger. The University of Tokyo, the University of Aizu, and the Center for Global Communications (GLOCOM) of the International University of Japan, are also working with Soramitsu to study the economics of local currencies and their effects on regional development. Joint research in the area around Aizu, in Fukushima Prefecture, Japan, will include experiments using local currencies running on Iroha.
In addition, with Rakuten Securities, Inc., Soramitsu has announced that they are working together to develop a KYC  system using blockchain technology. Mizuho Information & Research Institute, Inc., is also exploring the use of Iroha.
Soramitsu is committed to the development of blockchain systems that can contribute to society by providing safe and secure data management. Partners who want to contribute to Iroha and also work with Soramitsu on creating services, especially a digital identity KYC service for financial institutions, are invited to contact Soramitsu. Iroha is open source and anyone can contribute to it at http://github.com/hyperledger/iroha.
What is Iroha?
-- Simple architecture, easy to understand and to develop for
-- 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 and points
-- Mobile and web application development platforms
Expected use-cases for Iroha (among others)
-- Contract management
-- Securities clearing
-- Development of financial products such as insurance
-- Supply chain management
-- Smart grid
-- Trade finance
-- KYC 
-- Notary and time stamp services
-- Sharing economy
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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.
 Blockchain and Distributed Ledger Technology (DLT) are software systems that provide a protocol for value transfer over the Internet.
 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).
Corporate URL: http://soramitsu.co.jp
Iroha Project URL: http://iroha.tech
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SOURCE Soramitsu Co., Ltd.