Mizuho plans to develop blockchain technology for internal record keeping

Mizuho Financial Group has announced that it is planning to use blockchain for internal record keeping.

Mizuho ’s move marks the “ beginning of a strategic project ” that will see the Japan-based financial services company work with IT consultancy Cognizant to use technology to reduce costs and improve internal processes.

As part of the deal, Cognizant will develop blockchain solutions for greater security and transparency when signing and exchanging important documents with Mizuho Group. The project focuses on connecting the company’s offices in New York and Tokyo, even though it also has subsidiaries in other regions such as Asia, Europe, the Middle East and the Americas.

Toshitsugu Okabe , vice president and executive officer of Mizuho Financial Group, said in a statement:

“ We are pleased that the Japanese company is one of the early adopters of blockchain technology, which will also make our work process faster and more efficient. ”

The statement is noteworthy given the problems that Japanese banks have had in the past in working with companies.

For example, Mizuho was previously the bank partner of the now-defunct bitcoin exchange Mt Gox , which famously lost millions of customer funds in 2014 , leading the company to face a series of lawsuits to this day.