Japanese Consortium for Blockchain Remittance Launches with 42 Member Banks
A blockchain-centric consortium of banking and financial services institutions in Japan now sees 42 members among its ranks in a concentrated effort to leverage bitcoin’s underlying innovation for payment and settlement solutions. The consortium, planned in collaboration between Japanese financial services firm SBI Holdings and its subsidiary SBI Ripple Asia, was discussed as early as August 2016. The working group was to be created to focus on blockchain-based payment and settlement services. More specifically, the group of banks sought to address the increasing new trend of real-time,....
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42 banks are joining a newly-created Japanese blockchain consortium to enhance the cross-border payment industry. The consortium will focus on research and development, and will cover domestic and foreign exchange services by utilizing blockchain technology. SBI Holdings and Ripple Asia Launch 42 Bank Consortium. .The Japanese blockchain organization....
Japan-based Fukui Bank has joined the blockchain consortium for domestic and foreign exchange services launched by Japanese financial services giant SBI Holdings and its subsidiary, SBI Ripple Asia. With its latest addition, the consortium now sees 43 participating members. Announced by SBI Holdings last week, Fukui Bank joins the working group, named “Consortium for Considering Blockchain Technology to Centrally Provide Domestic and Foreign Exchange Services” that aims to develop a blockchain-based remittance infrastructure. The consortium was first announced in August this year, with 15....
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....
A new consortium of Japanese banking and financial services giants will seek to use blockchain technology to provide domestic and foreign exchange services. Japanese financial services giant SBI Holdings and its subsidiary SBI Ripple Asia, have collaborated to launch a consortium that will seek to use blockchain innovation – the technology underpinning bitcoin – in new payment and settlement services from October 2016. A press release [PDF] from SBI Holdings has revealed that the consortium will be named the “Consortium for Considering Blockchain Technology to Centrally Provide Domestic....
It appears the R3 blockchain consortium has bitten off a lot more than it can chew. Or to be more precise, they are tackling this whole concept from the wrong angle. It appears a full-fledged exodus is taking place where the R3 blockchain consortium is concerned. After the departure of one of its founding members, a total of six more banks are looking not to renew their membership. Given the sheer size of the consortium, this is not entirely surprising. However, it is also a telling sign of how there is dismay between the members and those “in charge” of the project. Among the next batch....