Japan's Blockchain Collaborative Consortium sets up financial services subcommittee

Source: Blockchain Collaborative Consortium

The Blockchain Collaborative Consortium (BCCC) was inaugurated on April 25, 2016, with 34 founding member companies.

The consortium's Chairman is Yoichiro Hirano, CEO, Infoteria Corporation. Leading companies promoting the use of blockchain technology have also since joined, expanding BCCC membership to the current 109 companies and organizations. A decision was also reached to inaugurate the Financial Services Subcommittee in March 2017. The aim is to boost awareness of blockchain technology among financial institutions, where consideration of the adoption of blockchain technology is rapidly progressing.

- BCCC Member Companies and Organizations Reach 109 in Number:
The BCCC promotes the spread of blockchain technology in Japan. It was inaugurated with objectives that included spreading and building awareness of blockchain technology, promoting its research and development, encouraging related investments, and collaborating with overseas blockchain organizations. When the BCCC was first inaugurated, members consisted primarily of companies that promoted blockchain technology. However, it has since been joined by blockchain user companies that are exploring the use of blockchain technology -- such as financial institutions, manufacturing companies and companies in the service industry -- and system integrators who would apply blockchain technology to the information systems of user companies. With the addition of 75 member companies and organizations, total membership reached 109 as of December 15, 2016. The additions included financial institutions, such as Mitsui Sumitomo Insurance, Aozora Bank and Awa Bank, as well as Marubeni, Gurunavi and NCR Japan.

- Financial Services Subcommittee to Be Formed with the Aim of Boosting Awareness of Blockchain Technology among Financial Institutions:
As more companies consider the adoption of blockchain technology, there has been a recent increase in the number of financial institutions joining the BCCC. Many inquiries are also being received every day by the BCCC and member companies. In consideration of these circumstances, a decision was made to inaugurate the Financial Services Subcommittee in March 2017.

While supporting the provision of technology and information that match the needs of financial institutions, the Financial Services Subcommittee will operate as a forum for considering and spreading the application of blockchain technology to financial services operations. Activities that will commence in February will be specialized to the financial services industry to spread the use of blockchain technology as well as building awareness. They will include holding regularly scheduled study sessions, the provision of required information to financial institutions, information-sharing between participating subcommittee members, and the provision of technical advice from BCCC member companies possessing blockchain technology.

- Outline of the Financial Services Subcommittee:
Name: Financial Services Subcommittee of the BCCC Promotion Committee
Subcommittee Chair: Yoshinari Matsuda, President and CEO, Unitedly Co., Ltd.
Date of Inauguration: March 2017
(A briefing was held on January 20 in advance of inauguration)
Purpose: To consider and spread the application of blockchain technology to financial services operations.

Subcommittee Members: Financial services companies, such as banks, securities brokerages and insurance companies; system integrators applying blockchain technology to the information systems of financial institutions; and other members.
Activities: Holding regularly scheduled study sessions and sharing information among subcommittee members. The subcommittee will also carry out activities as a blockchain community specialized in the financial services industry.

- The BCCC Going Forward:
Upon its inauguration, the BCCC announced that it would be calling for participation by companies in a wide range of industries, with the aim of achieving a membership of 100 companies and organizations by December 2016.

With interest in blockchain technology mounting, the BCCC achieved its goal at a faster speed than expected. Furthermore, although the BCCC started as a private organization, its achievements were recognized, and the BCCC was authorized as and became an incorporated foundation on November 29, 2016.

Going forward, the BCCC will also be developing measures and policies through its committees. It will continue hosting Blockchain Daigakko seminars and an educational program for blockchain technology as well as various seminars for the general public, engineers and mass media. Subcommittees specialized in industries and themes are also scheduled to be inaugurated. The BCCC will consider and promote the practical application of blockchain technology in accordance with the needs of various industries and themes.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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