The father of the Bitcoin, Satoshi Nakamoto, bestowed blockchain technology on the world. Mijin is the platform that lets anyone easily create a blockchain on a peer-to-peer network. Permissioned blockchains are useful for storing data within companies or with specific partner companies. Blockchains can create a data-sharing environment with zero downtime, low cost, and high performance. The name Mijin comes from a ninja weapon made from 3 chains that would tear an enemy apart into tiny pieces. Mijin similarly destroys the cost of conventional infrastructure.
Relationship with NEM
Mijin is a private blockchain based on NEM technology and utilizing the same APIs. It is being designed to decrease the costs for banking institutions by 90% while at the same time increase security. It was tested by Japan's largest trust bank, SBI Sumishin Net Bank, owned by Sumitomo Mitsui Trust Holdings, to add to their online banking services. Additionally, Sakura Internet has teamed of with Tech Bureau to offer 6 month free trials of Mijin. Mijin is also being tested by Infoteria in its enterprise software Asteria. In December 2016, the Japanese SBI Sumishin Net Bank, commissioned NRI, a leading research group in Japan to conduct a test of the NEM blockchain technology Mijin. They tested 2,500,000 accounts with over 2,000,000 transactions per day with a variety of transactions over a three-month period. The network passed further stress tests measuring its availability and fault tolerance. This is one of the first times that a financial institution has publicly released results from independent blockchain tests.