Mizuho to Develop Blockchain Tech for Internal Recordkeeping

Mizuho Financial has announced it is seeking to develop a blockchain application for internal recordkeeping.

AccessTimeIconFeb 16, 2016 at 3:55 p.m. UTC
Updated Sep 11, 2021 at 12:08 p.m. UTC

Mizuho Financial has announced it is seeking to develop a blockchain application for internal recordkeeping.

The move, according to Mizuho, marks the "beginning of a strategic program" that will find the Japan-based financial services firm working with IT consulting firm Cognizant to leverage the technology to cut costs and improve its internal processes.

As part of the deal, Cognizant will develop the blockchain solution, with the goal of enabling companies within the Mizuho group to sign and exchange sensitive documents with greater security and transparency. The project will initially focus on connecting offices in New York and Tokyo, though the company has subsidiaries in Asia, Europe, the Middle East and the Americas.

Toshitsugu Okabe, deputy president and executive officer of Mizuho Financial Group, said in a statement:

"We are pleased to be among the early adopters of blockchain technology in Japan to make our processes and workflows faster and more efficient.”

The announcement is notable given the past issues the Japanese bank has experienced in connection with the industry.

For example, Mizuho previously operated as a banker partner for now-defunct bitcoin exchange Mt Gox, which famously lost millions in customer funds in 2014, ensnaring the firm in subsequent, and still ongoing lawsuits.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.