SBI Group, a leading Japanese corporation, is set to make history by implementing XRP Ledger (XRPL) blockchain solutions for supply chain management. This move comes as Ripple seeks to expand the use of enterprise blockchain solutions in Japan.

Ripple has announced a strategic partnership with HashKey DX, a Tokyo-based consulting firm, to introduce XRPL-based enterprise solutions to the Japanese market. SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, will collaborate with HashKey DX to develop and introduce supply chain finance solutions using the XRPL network.

HashKey DX, led by CEO Andy Dan, emphasized the advantages of XRPL, such as its enterprise track record, fast settlement speeds, low costs, and scalability, as key factors in building their supply chain finance solution. Dan expressed confidence in their ability to drive innovation and provide cutting-edge solutions for Japanese businesses.

HashKey Group, which has been developing and implementing blockchain-powered supply chain finance solutions in mainland China since 2019, has already registered over 4,000 companies, including 23 banks and 4,300 suppliers, that use their blockchain services. The total trade amount recorded on their platform exceeds $7 billion, with nearly $3 billion in transactions financed in China.

RippleX senior vice president Markus Infanger believes that the future of tokenized markets could reach a value of over $16 trillion as traditional finance players increasingly adopt blockchain networks. Infanger noted that traditional finance institutions are now bringing financial assets on-chain to address pain points in various value chains, not just on permissioned, centralized networks but also on decentralized protocols like XRPL, Stellar, and Ethereum.

Advanced conversations with various financial institutions are ongoing, and they are exploring tokenization projects to issue assets on the XRP Ledger. These firms have distribution lined up and can articulate use cases and how they intend to utilize the underlying blockchain network.