Japanese financial group Mitsubishi UFJ Financial Group (MUFG) is collaborating with cloud delivery platform Akamai Technologies to develop a new blockchain-based payment network.

According to the official release, the blockchain service would be one of the most scalable and fastest payment processing platforms with “a capacity to process a million transactions per second and the ability to finalize transactions in less than 2 seconds.”

MUFG said that it has collaborated with Akamai in a number of projects focused on the latter’s high-speed network and distributed computing technology.

“As a result, MUFG and Akamai verified that by using this new blockchain technology under realistic business conditions, Akamai’s platform was capable to process transactions in less than 2 seconds, processing a million transactions per second. There is also potential to further develop this processing ability, permitting the handling of 10 million transactions per second,” the release added.

The new platform will combine MUFG’s payments business expertise with advanced blockchain technology implemented on Akamai’s global cloud delivery platform. It will essentially be a “diverse payment service” equipped with an interface that can be used as a communications network, as well as including functions for the transfer and management of value through blockchain.

“This will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers,” the companies added. “MUFG and Akamai…will utilize this new blockchain’s high-speed processing and secure value transfer abilities to promote pay-per-use, micropayments, and other new IoT generation payment methods, and to support the diverse payment options of the sharing economy by offering an open platform.”

MUFG and Akamai aim to offer the new global payment network service from the fiscal year 2019.