Mitsubishi UFJ Financial Group (MUFG), one of the largest banks in Japan, has partnered with Akamai, an American Internet startup, to build a blockchain-based superfast payments network in Japan before the 2020 Tokyo Olympics.

According to the MIT Technology Review, MUFG intends to develop the world’s fastest payment platform which will handle a million transactions per second thereby leaving Visa and Bitcoin behind.

The payments network is expected to be one of the biggest large-scale implementations of blockchain technology in payment systems in Japan. The platform will be tested during the Olympics 2020 to ease financial transactions across borders, and if found successful then it might tempt blockchain implementation in other sectors too.