Several Japanese Banks Partner to Experiment with Blockchain Technology

In a joint press release, ORIX Corporation, ORIX Bank corporation, The Shizuoka Bank, NTT DATA Corporation and NTT DOCOMO Ventures, have announced a joint research initiative that will focus on exploring the application of blockchain tech in the financial industry, as well as possible use cases in other sectors of Japan’s economy.

According to the press release:

“In the course of carrying out the joint research, the companies intend to actually build a prototype system using blockchain technology and conduct proof-of-concept testing.“

NTT DATA will be working with Orb Inc, a blockchain developer based in Japan, to study distributed ledgers from the viewpoint of “systems and technology”.

ORIX, ORIX Bank and Shizuoka Bank, are planning to focus their efforts on the applications of blockchains to a variety financial services – paying special attention to remittance uses case –  that their clients may benefit from.

NTT DOCOMO Ventures – which was established in 2008 to invest in promising technology startups – will be working alongside the other firms and will be assisting with a variety of tech-oriented contributions.

The released also mentions that the five Japanese firms will interface with other outside companies to investigate blockchain-based business solutions.

“The companies also plan to work with partners from various industries to investigate applications to services using blockchain technology in fields of business besides finance.“

Mori Hamada & Matsumoto, a prominent law firm based Tokyo with offices across Asia, will be assisting the initiative with legal advice and financial particulars.

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