A group of Japanese banks and technology companies, including Orix, Shizuoka Bank, NTT Data and NTT DoCoMo Ventures, have formed a new blockchain research initiative.
Announced today, the news marks the latest move by members of Japan's finance and technology sectors to embrace or experiment with blockchain technology.
Orix and Shizuoka, the banks involved with the project, said they plan to test international remittance and transaction settlement applications of the tech. Orix is a consumer-focused financial services firm founded in the 1960s, while Shizuoka Bank, one of Japan’s regional financial institutions, was founded in the 1940s.
, the venture arm of major mobile network operator NTT DoCoMO, will act as mediator between the major companies involved.
Further, the group says it intends to branch out beyond financial applications of the technology, noting:
Sea change in Japan
The announcement comes amid an increase in awareness in blockchain technology among Japanese financial services firms.
Parasol image via Shutterstock
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