Mizuho takes another step towards blockchain adoption
Japanese financial services provider Mizuho has partnered with Cognizant to test cross-border document sharing and custom digital currency applications of blockchain – and the cost implications of using the technology.
Mizuho says the project was a success and concluded that a tamper-proof distribution database built using blockchain could support a platform to share information and deliver cost savings.
The next initiative of the project will be to understand the need to store and manage large volumes of data using blockchain. Mizuho says it intends to become an early adopter of the technology and is keen on exploring different applications in the financial services domain.
This development follows on from last year, when both firms announced their plans to develop a blockchain solution for the “secure” record-keeping of documents among Mizuho Financial Group companies around the world.
Also in 2016, Mizuho Bank, Fujitsu and Fujitsu Laboratories jointly conducted a three-month operational trial using blockchain, which makes it “practically impossible” to tamper with transaction histories.
By Soumik Roy, editorial contributor to Banking Technology