Japanense think tank Nomura Research Institute (NRI) has announced it will study blockchain technology to assess its use in the securities sector.
Founded in 1965, the organisation is Japan's oldest private think tank, offering consulting services and provides IT solutions for various industries, including finance.
The study, due for completion in January, will inform "opportunities for practical application," the NRI recently announced..
A company spokesperson told CoinDesk:
Alongside Nomura Securities, Japan's largest and oldest securities firm, the NRI said its cross-department team will collaborate with technology startups in the country. Both the NRI and Nomura Securities share a parent company, Nomura Holdings.
Startups including SETL, Symbiont and Digital Asset Holdings are angling to siphon volume from firms like the Depository Trust and Clearing Corporation (DTCC), which clears $1.6 quadrillion annually.
NRI – a publicly traded company – manages many of the post-trade processes that take place in these back offices. Its I-STAR service – created in 1987 – is the de facto solution for Japan's investment banks.
In September, NRI announced it would be providing its Prime Settlement Service – which includes I-STAR – to UBS from next month.
While declining to name any potential partners, the NRI spokesperson did confirm the company's plans to invite overseas companies to join the project as "technological supporters".
The spokesperson added:
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