Blockchain Works and Reduces Costs: Japanese Banking Industry Report
Japan’s Blockchain Study Group, consisting of four large financial and accounting firms, today published a report on how blockchain technology will affect their industry. Local bitcoin exchange bitFlyer assisted the group by building an interbank transaction prototype. Report Acknowledges Bitcoin’s Contribution. The Blockchain Study Group (BSG) formed in....
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BBVA, a multinational Spanish banking group has published another report on the block chain technology entitled “Blockchain Technology: The Ultimate Disruption in the Financial System,” to explicate the advantages and unique applications of the block chain technology. Specifically, BBVA highlighted the block chain’s capability of storing identities and unforgeable data and its ability to settle secure transactions instantly. “In the financial industry, institutions were slow to recognize the potential of blockchain technology; however, dozens of large banks have now invested significant....
Several major Japanese banks, in partnership with bitcoin exchange bitFlyer and Deloitte Japan, have published the first results of a blockchain interbank payments trial. The Blockchain Study Group, which includes Mizuho Financial Group, Inc., Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Financial Group, Inc., have spent the last year collaboratively testing the technology for uses in bank-to-bank payments. The results of the specific trial disclosed today relate to the issuance of payments. According to the institutions involved, future testing will be widened to include the....
Japanese banking giant Mizuho has tested its digital currency developed in partnership with IBM Japan to reduce costs of money transfers, a report has revealed. The Mizuho Financial Group-IBM partnership announced earlier this year has seen successful testing of digital currency developed by the bank and the technology giant. According to a report Nikkei today, the three-month-long test saw trials use a mobile application wherein a single unit of Mizuho’s digital currency is equivalent to a single Japanese yen, essentially replicating fiat cash in value for the trial. The app-centric trial....
The FinTech market, particularly with blockchain technologies, is expected to flourish in Hong Kong in 2017 due to increased cooperation between Fintech and financial services firms, a KPMG report has claimed. In its “Hong Kong Banking Outlook 2017” [PDF] report, the services giant cites soaring investment in the Fintech sector leading to the “rapid” development of the Fintech industry in Hong Kong. Blockchain technology is proving to be of particular interest among Hong Kong banks, the report added, with its popularity in the payments and lending space. The innovation, which is bitcoin’s....
In the race to adopt Blockchain technology and cut costs, financial firms have to deal with multiple challenges. Japanese financial firms have been hit by the most basic of them of all – a shortage of technical experts. Japan – regulation a positive. The Japanese government has been active in regulating cryptocurrency-based companies. A new law has been passed regulating Bitcoin exchanges, after the Mt Gox debacle. The Japanese Government passed a bill in May 2016, which recognized that virtual currencies have a function similar to money. Japan has also eased regulations, now allowing....