Two major Japanese financial institutions join the blockchain war: Mizuho Financial Group joins hands with Cognizant

Editor's note: Blockchain is gaining momentum in Japan. After Japan's largest financial group, SBI Group, announced its entry into the blockchain field, Nomura Securities released a blockchain research report, and Mitsubishi UFJ Financial Group (MUFG) also joined the battle. Recently, two mainstream financial institutions in Japan also announced trials of blockchain technology.

Japan Exchange Group

The Japan Exchange Group (JPX), Asia’s largest trading exchange and the world’s third-largest stock exchange, announced that it will build a proof of concept for distributed ledger technology with the help of IBM Japan. The framework provided by the Hyperledger Project will be used to “evaluate the possibilities and limitations of blockchain technology.”

Mizuho Financial Group

Mizuho Financial Group, Japan’s second-largest financial institution, has just signed a strategic cooperation agreement with IT company Cognizant (a Nasdaq-listed company) to jointly develop document record security solutions based on blockchain technology.

As part of the cooperation agreement, Cognizant will develop a blockchain solution for Mizuho Financial Group's clients, counterparties and group companies to help them exchange and sign sensitive documents in a secure and transparent manner. If successful, it will achieve faster and more efficient processing methods and multi-party verification procedures. Mizuho Financial Group said that the current participants in the project are concentrated in New York and Tokyo because these two regions are the gathering places of Mizuho Financial Group's companies.

Toshitsugu Okabe, Vice President and Executive Officer of Mizuho Financial Group, said:

“We are delighted to be one of the early adopters of blockchain technology in Japan, enabling faster and more efficient workflows. Cognizant’s expertise in this area will be of great help to us, further strengthening our reputation as the most trusted financial services group. We are impressed by the blockchain solutions that Cognizant has developed for financial services companies and their keen understanding of this rapidly evolving technology.”

Prasad Chintamaneni, President, Cognizant, said:

“Blockchain is a game-changing technology for the financial services industry, and we will continue to advance our blockchain capabilities and move beyond digital currencies into new areas such as smart contracts and P2P trading. This partnership agreement will pave the way for Mizuho Financial Group to adopt blockchain technology to minimize counterparty risk, speed up settlement, improve contract performance, and enhance regulatory reporting.”

Original article: http://www.financemagnates.com/cryptocurrency/exchange/japans-major-financial-institutions-adopt-blockchain-technology/
By Avi Mizrahi
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/blockchain-in-japan-2)