The development of blockchain in Japan: the government attaches great importance to it and has established a blockchain industry organization

Blockchain is a distributed database that can securely ensure that recorded data cannot be tampered with or modified. In fact, blockchain is considered to be a technological innovation of Bitcoin, which can serve as a general financial record of all Bitcoin transactions. The encryption protection used by blockchain makes it difficult for anyone to break into the blockchain and access the digital records recorded on the blockchain ledger.

What you should know about the Japanese blockchain market

The need for new business models and new bitcoin trading ideas has led to the need for blockchain. In fact, according to Atushi Santo, head of new business development at Japan Exchange Group, blockchain technology is an innovative technology that is closely watched by the global financial community. Japan wants to introduce the blockchain market for trading cryptocurrencies such as Bitcoin and other cryptocurrencies in order to find out possible financial limitations and the potential for post-trading services and trade volumes by fully utilizing IBM's global resources.

FSA decides to introduce blockchain market

The Financial Services Agency (FSA) held an important meeting earlier this month, where representatives of the regulatory agency discussed developing guidelines for the application of blockchain in Japan's financial markets. At the same time, the agency is working to ensure that Asia becomes a leader in Japan's financial markets. In order to increase the use of blockchain in Japan's financial markets, Japan's Vice Minister of International Affairs Masamichi Kono suggested a risk-oriented approach.

Japan Exchange Group announces agreement with IBM to test blockchain future prospects

In order to strengthen all fiat currencies and digital financial markets, the Japanese government through the Exchange Group has announced that they have reached an agreement with IBM to try to use blockchain technology in the low-level trading market. One of the important features of blockchain is that it can help reduce complexity, cost, and increase the speed of transactions and settlement processes of securities trading organizations. At the same time, the introduction of blockchain as a digital technology to Japanese cryptocurrency exchanges will improve the market in a short period of time.

Japan's first blockchain industry organization established

In order to improve the security and effectiveness of cryptocurrency exchanges, the Japanese government has established a blockchain industry organization. The name of the new organization is the Japan Blockchain Association (JBA) and the Blockchain Cooperation Alliance. This newly established organization is composed of many well-known companies that are very interested in the development, research and implementation of blockchain technology in Japan. The goal of the Blockchain Cooperation Group is mainly to increase the Japanese blockchain technology movement. Coincheck is also a member of the Japan Blockchain Association.