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