Japan's SBI Sumishin Bank launches blockchain proof-of-concept project

On December 17, Japan’s SBI Sumishin Internet Bank announced that it will work with Nomura Research Institute (NRI) to develop a proof-of-concept (POC) project to explore blockchain banking.

While information about the project is limited, Nomura Research Institute said the institution will seek to prepare a prototype for “examining business scenarios” for SBI Sumishin Bank.

Dragonfly Fintech Pte, a blockchain company founded by one of the core developers of the cryptocurrency New Economy Movement (NEM), will serve as the blockchain technology provider for the proof-of-concept project.

SBI Sumishin Bank was established in 2007 as a joint venture between Japan's largest trust bank, Sumitomo Mitsui Trust Bank, and SBI Holdings. As of March 31 this year, the online bank had 2.31 million customers with a balance of 3.5 trillion yen (about 29.3 billion U.S. dollars) in accounts.

SBI Sumishin specializes in home loans and provided 2.2 trillion yen (about $18.6 billion) in home loans to customers in fiscal 2015, according to the company's annual report.

Minoru Yokote, director of Nomura Research Institute’s Advanced Management Center, pointed to the project in the statement as an example of how the organization is seeking to embrace distributed financial technology.

Yokote says:

“Nomura Research Institute is committed to studying blockchain technology and making recommendations on how to apply this technology to the banking industry.”

Nomura Research Institute, Japan’s oldest “think tank”, announced in October that it would seek to collaborate with established blockchain operators, but declined to identify potential partners.

Original article: http://www.coindesk.com/japan-bank-sbi-sumishin-blockchain-proof-of-concept/
By Pete Rizzo
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/2015-proves-bitcoin-stay)