Mizuho Financial Group, one of Japan’s most prominent financial institutions, has announced a partnership with Cognizant, a world leader in business and technology solutions, in order to develop a blockchain-based record storage system for Mizuho and its subsidiaries.

According to the press release, this deal is only the first step in a broader strategy that will see Mizuho Financial revamp its digital transaction processing facilities.

Cognizant will be leveraging its expertise in distributed ledgers to designing a system that will give all Mizuho Financial customers, employees and partners, the ability to transfer important files in a transparent and secure fashion.

The initial implementation of this system will be rolled out to Mizuho subsidiaries in Tokyo and New York.

Toshitsugu Okabe, Deputy President and Executive Officer of Mizuho Financial Group, said that he is confident in Cognizant’s ability to deliver on its promise, “We are impressed with Cognizant’s blockchain-based solutions for financial services organizations, and their sharp focus on this rapidly evolving technology.” said Okabe.

Okabe also stated that Mizuho Financial will be among the first companies in Japan to adopt this novel technology that promises to streamline the firm’s internal operations.

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

Prasad Chintamaneni, President of Banking and Financial Services at Cognizant, remarked that blockchain tech is a “game-changer for the financial services industry”. Chintamaneni views the partnership with Mizuho as pivotal in legitimizing blockchain technology in the eyes of the Japanese financial sector.

“This agreement will pave the way for increased adoption of Blockchain technology at Mizuho Financial Group to minimize counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.”

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