26 May 2017
Visit cib.db.com

Mizuho carries out blockchain document sharing and digital currency trial

24 February 2017  |  12885 views  |  0 Mizuho bank logo web screen shot logo

Japan's Mizuho says it has successfully completed trials that used distributed ledger technology for cross-border document sharing and a custom digital currency.

The banking group first outlined plans to work with US firm Cognizant on the document sharing initiative a year ago in an effort to minimise counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.

Mizuho says that the experiment successfully confirmed that a tamper-proof distributed database can be used to create an effective platform for information sharing among multiple group companies, offering cost savings and better usability.

Meanwhile, a second test allowed group subsidiaries to both issue a digital currency based on their performance, and freely transfer that currency to other subsidiaries, eliminating the need for data reconciliation among them.

Mizuho says it will now explore the use of blockchain to address the need to store and manage large volumes of data as it seeks to cement its place as an early adopter of the technology. It is a member of the R3 consortium and earlier this month invested in bitcoin exchange bitFlyer.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Japanese banks invest in local bitcoin exchange

Japanese banks invest in local bitcoin exchange

14 February 2017  |  6963 views  |  0 comments | 5 tweets | 11 linkedin
Mizuho prepares for IoT banking

Mizuho prepares for IoT banking

07 February 2017  |  9271 views  |  0 comments | 20 tweets | 20 linkedin
Mizuho and Fujitsu complete blockchain trial

Mizuho and Fujitsu complete blockchain trial

08 March 2016  |  8885 views  |  0 comments | 11 tweets | 9 linkedin
Mizuho turns to blockchain for financial record keeping

Mizuho turns to blockchain for financial record keeping

17 February 2016  |  5235 views  |  0 comments | 8 tweets | 13 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.events.sap.comvisit www.ebaday.comDownload the paper now

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
11848 views comments | 49 tweets | 77 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7297 views comments | 12 tweets | 24 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
6083 views comments | 12 tweets | 20 linkedin
Enterprise Ethereum Alliance triples in sizeEnterprise Ethereum Alliance triples in si...
6004 views comments | 15 tweets | 17 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job