Sumitomo Mitsui Trust Bank Tests Blockchain

One of Japan’s largest banks is working with IBM on a series of blockchain trials.

AccessTimeIconOct 25, 2016 at 4:35 p.m. UTC
Updated Sep 11, 2021 at 12:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

One of Japan’s largest banks is working with IBM on a series of blockchain trials.

Sumitomo Mitsui Trust Bank, Limited announced today that it is exploring applications related to finance, real estate and asset custody.

Sumitomo Mitsui Trust Bank is a member of the R3 blockchain consortium, having joined the group last December. Earlier this year, the bank announced that it was partnering with several institutions in Japan, including Osaka-based Kinki University, to research applications of the technology. Today’s announcement suggests that the research has spurred the bank to begin developing prototypes alongside IBM Japan and domestic IT firm NEC Corporation.

The bank said in a statement:

“The experiments aim to assess the possibilities and validate the effectiveness of utilizing revolutionary IT technologies to achieve dramatic improvement or streamlining of existing services and operations.”

The bank further said that it would work with a joint venture between SBI Holdings and Ripple on testing cross-border remittances using the technology. Sumitomo Mitsui Trust Bank said that, in the long term, it hopes to “create new remittance/settlement services utilizing blockchain technology”.

Image via Shutterstock

Disclosure

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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about