Japanese payments firm JCB and Mizuho Bank test blockchain-based ID
Fujitsu has been working on blockchain-based digital identity tools since 2019. Major financial institutions in Japan are moving into blockchain to streamline digital identity systems.Japan’s third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology. The new system will utilize a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on Oct. 15.The new joint initiative will allow the companies to verify mechanisms to securely transfer and link member ID information by....
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Japanese banking giant Mizuho Financial Group and technology firm IBM have announced a partnership to test blockchain technology used in settlements with virtual currencies, using code from the Linux Foundation-led Hyperledger project. Mizuho Financial Group, a prominent Japanese banking group that is notable for its blockchain-based endeavors with previous efforts such as a partnership with consulting firm Cognizant to build blockchain solutions for record keeping has revealed a new blockchain project with tech giant IBM. In a recent announcement, the Japanese financial group revealed a....
Japanese banking group Mizuho has completed a blockchain test focused on cross-border securities settlement. The test used the Open Assets Protocol, a commonly deployed implementation of colored coins that provides an added layer of functionality to the bitcoin blockchain. Using Open Assets, bitcoins can be specially marked to represent other assets on the blockchain. According to an 8th March press release, the test included the participation of Japanese IT giant Fujitsu, including its research and development arm Fujitsu Laboratories. The participants said that the test, which took place....
Mizuho Bank is weighing possible client-facing services after testing a prototype digital currency in partnership with IBM Japan. The project, first announced in June, saw the Japanese bank and IBM’s local division test the digital currency, one unit of which equals one yen. According to Nikkei, the initiative took place between July and September, focusing on an app that provided information about dining expenses and used the prototype currency as a basis. Other Japanese financial institutions, including Mitsubishi UFJ Financial Group (MUFG), have tested the concept of digital money in....
The Mizuho Financial Group, one of Japan’s largest financial services companies and among the three Japanese ‘megabanks’, has announced the development of a new blockchain application after completing trials of its custom digital currency and cross-border document sharing. The purpose of the trail was to test if a business process, built on a traditional centralized system, could be devised to function in a decentralized system at lower costs. Japan’s Mizuho first partnered US-based IT solutions provider and consultant Cognizant this time last year with the aim to build a blockchain....
A US Court has dismissed the appeal filed by Mizuho Bank against Mt Gox customers' class action lawsuit. Mizuho Bank recently found itself in a legal trouble after its association with defunct Bitcoin exchange Mt. Gox was recognized by a US court. The bank’s name surfaced in the notorious Bitcoin theft case when some of its victims claimed that their withdrawal requests was denied by the Japanese bank. The Mt. Gox victims, on the grounds of denial of rightful requests by Mizuho, later filed a class action lawsuit against the bank. According to the lawsuit, Mizuho Bank intentionally wreaked....