Japan's SBI Sumishin Building Blockchain Banking Proof-of-Concept
Japan's SBI Sumishin Net Bank has announced it will develop a proof-of-concept (POC) aimed at exploring blockchain banking with Nomura Research Institute (NRI). While details about the project are scarce, NRI said it will seek to "examine business scenarios" with the goal of preparing a prototype for SBI Sumishin. Dragonfly Fintech Pte, a blockchain firm founded by one of the core developers of the cryptocurrency project New Economic Movement, will serve as the project's blockchain tech provider. Founded in 2007, SBI Sumishin is a joint venture between Japan's largest trust bank, Sumitomo....
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Nearly every day, U. S. financial institutions announce projects to better understand the blockchain, often partnering with technology startups. It would be a mistake to think their Japanese counterparts are far behind. Nomura Research Institute (NRI), a Tokyo, Japan-based provider of consulting services and system solutions, will develop a proof of concept (PoC) for implementing blockchain technology with banking in collaboration with SBI Sumishin Net Bank, Ltd., also Tokyo-based. Assisting them on the technology front is Dragonfly Fintech Pte. Ltd., a Singapore-based fintech technology....
A leading Japan-based think tank is considering ways it could build on its existing exploration of blockchain technology. First announced in late 2015, Nomura Research Institute (NRI), an affiliate of Nomura Holdings, is already working on private proof-of-concepts (P0Cs) with Nomura Securities and SBI Sumishin Net Bank (SBI Sumishin). The Tokyo-based firm is exploring the technology’s use cases in Japan, a region where there have been relatively few blockchain industry developments. In a new interview with CoinDesk, Kazumitsu Yokokawa, head of the financial services research and....
In one of the first instances of blockchain technology developed and tested for accounting systems rather than post-trade settlement and securities processes among financial institutions, the SBI Sumishin Net Bank in Japan has conducted a successful blockchain test which saw distributed ledgers replace their actual ledgers. A three-month long experiment by Japan-based SBI Sumishin Net Bank in collaboration with Singapore Fintech startup Dragonfly Fintech and Japanese blockchain solutions provider Tech Bureau Corp – developer of Mijin, the distributed ledger tech used in the experiment —....
The largest bank in Japan (MUFG) and Hitachi Ltd are teaming up to commence their Proof-of-Concept for a Blockchain-based system to digitalize checks and possibly the rest of the banking. The system itself will be used for issuing, transferring and collecting digital checks. The MUFG will be issuing the checks while Hitachi Group companies in Singapore will be collecting and depositing the funds. According to a press release by the MUFG and Hitachi, this will be used to prove the concept. With the Proof-of-Concept, both companies hope that they can find any issues or flaws with the system....
A global platform that connects the vast majority of the world's banks has begun building a blockchain application to simplify cross-border payments. Announced today, The Society for Worldwide Interbank Financial Telecommunication (Swift) is integrating open-source blockchain technology with its own products to build a proof-of-concept that might one day replace the so-called "nostro" accounts its members keep filled with cash all over the world – just in case they need it. If successful, the blockchain application has the potential to finally achieve a longstanding dream of....