IT Giant NTT Data Enlists 13 Companies for Blockchain Consortium

Japan's largest IT services firm, NTT Data, has announced a new consortium aimed to investigate use cases for blockchain technology.

AccessTimeIconAug 16, 2017 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 6:50 a.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

Japan's largest IT services firm, NTT Data, has announced a new consortium aimed to investigate use cases for blockchain technology.

According to the company, the initiative so far includes 13 different companies drawn from the financial, logistical and trade industries.

Notable participants include Mizuho Financial Group, Mitsu Sumitomo Insurance, Nippon Express and Sojitz Corporation. The Bank of Tokyo-Mitsubishi, Toyota Tsusho and Kawasaki Kisen Corporation, and others, are also involved.

The effort, which will officially launch on August 30, is expected to run through next spring.

Perhaps informing the new group effort, NTT Data is no stranger to blockchain. The IT giant has already completed work on pilot programs for banks looking to test the issuance of letters of credit through blockchain, as well as partnering with insurance companies to explore the technology.

The announcement comes during a period of building momentum for blockchain development in Japan, which has even seen government agencies test the use of smart contracts.

More recently, a group of Japanese financial institutions successfully tested a prototype that uses distributed ledger technology to streamline international transaction agreements.

NTT Data image via YouTube/SAP SuccessFactors

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 offers all employees above a certain salary threshold, including journalists, stock 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.