Japan's Mizuho to test Ripple blockchain payments

Rage Review : This week, Japan's Mizuho Group will test the Ripple blockchain payment method. Mizuho Financial Group is a member of the R3 blockchain alliance and has previously stated that it is trying to apply blockchain to cross-border securities transactions. The blockchain startup Ripple is the second company to obtain a digital currency license. This blockchain payment method experiment will focus on cross-currency settlement.

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Japan’s Mizuho Financial Group announced this week that it will trial the use of Ripple’s distributed ledger technology for cross-currency settlements.

The trial will test how the Japanese financial services company and R3 member, SBI Holdings, can conduct cross-border payments between financial institutions using Ripple’s payment solution. R3 will serve as an advisor on the project.

Ripple representatives said they hope the trial will enable the exchange of real payment information and ultimately real assets between the two companies. The startup has raised $38.6 million so far, and according to them, the test is expected to be "live" by the end of the year.

This is Mizuho's latest trial, which will focus on settlement, and follows a trial in March that used the "Open Assets" protocol, a high-level protocol on the bitcoin blockchain, for cross-border securities settlement. Japan's Fujitsu and Fujitsu Laboratories also participated in that test, one of many attempts by Asian financial institutions to explore blockchain technology.