ConsenSys Gets Foot In Japan Market Through Hitachi Partnership For PegaSys Plus

Article written by Darryn Pollock

CEATEC Japan 2019 Consumer Electronics Show

ConsenSys, a blockchain software company founded by one of the co-founders of Ethereum, has managed to leverage a position into Japan to conduct sales of its blockchain software solutions through a partnership with Hitachi Solutions.

Hitachi Solutions is a core IT company of the Hitachi Group that provides global IT solutions, and will now have access to ConsenSys’s Etheruem-based blockchain software to sell in Japan. The Tokyo-based company will begin by working with ConsenSys to provide PegaSys Plus to the Japanese market. An Ethereum (ETH)-based blockchain platform, PegaSys Plus is a commercial license version of the ConsenSys product offering additional features and support.

The hope with this partnership is that the two companies will be able to develop a host of decentralized applications and to enable trustless and secure transactions with PegaSys Plus. For Hitachi, this represents an opportunity to leverage the ever-popular blockchain ecosystem that is gaining attention as a means of transforming business models in various fields such as financial services, healthcare, supply chain and logistics and retail.

Essentially, this usage of PegaSys Plus will allow users to transact in a trustless and distributed manner. In true a blockchain sense, records will be shared and verified to prevent fraudulent transactions without the need for a centralized third party, reducing costs and enhancing efficiency.

Big in Japan

Japan has always positioned itself as an innovator and leader in the technological space. With blockchain technology becoming more and more popular as a disruptive technology, and one which has vast application for the future, it makes sense for blockchain solutions providers to work within the nation.

ConsenSys founder and CEO Joseph Lubin said of the collaboration between the two companies:

“I’m thrilled to be able to announce the partnership between Hitachi Solutions and ConsenSys. We think Japan has the potential to be one of the fastest-growing blockchain markets in the world over the coming years, and I am eager to drive that growth with Hitachi. We are committed to bringing our stack of products to Japan and working with the best partner possible to make Japan a global leader in the space.”

Competing with JP Morgan

It is also interesting to note that PegaSys Plus is the enterprise version of enterprise blockchain Hyperledger Besu. And Besu is a competitor to JP Morgan’s Quorum, another popular enterprise solution.

Recently, Besu also hit its own important milestone as on March 30, it was announced that the Hyperledger’s Technical Steering Committee (TSC) members voted to graduate the project from incubation to active status.

With this announcement, Hyperledger Besu joins Fabric, Indy, Sawtooth, and Iroha as projects with active status in the Hyperledger greenhouse and the only Ethereum project to be granted active status.

This tie to Ethereum, of course, helps tie the links back to ConsenSys, but also helps accelerate the potential of Ethereum as it continues to fight for a place at the table of enterprise blockchain solutions.

PegaSys Plus incorporates all of Hyperledger Besu features, with some additional elements such as enhanced security configuration and monitoring. Additionally, and quite importantly, the solution is designed for both public as well as private blockchains.

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