Japanese bank Mizuho and tech provider Cognizant have built a new blockchain application after completing trials using the technology for cross-border document sharing and a custom digital currency.
The application was developed to help enhance collaboration through facilitating data sharing, as well as the issue and transfer of digital currency between Mizuho subsidiaries. The trial verified that blockchain technology can be leveraged to create an effective platform for information sharing among multiple group companies.
Additionally, the project demonstrated that blockchain enables IT infrastructure used by multiple group companies to be implemented swiftly and cost-effectively. Addressing the need to store and manage large volumes of data using blockchain will be among the next objectives of the initiative.
Moving forward, the bank will continue to trial applications of blockchain technology in financial services, with the intention of becoming an early adopter of the technology.
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