Blockchain Works and Reduces Costs: Japanese Banking Industry Report

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Japan’s Blockchain Study Group, consisting of four large financial and accounting firms, today published a report on how blockchain technology will affect their industry. Local bitcoin exchange bitFlyer assisted the group by building an interbank transaction prototype.

Also read: Legislator Mulls Regulation for Internet of Things

Report Acknowledges Bitcoin’s Contribution

bitFlyer logoThe Blockchain Study Group (BSG) formed in December 2015. It includes Mizuho Financial Group, Inc., Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, Inc., and Deloitte Tohmatsu Group. All are major players in Japan’s financial industry.

Its report, titled “Practical Experiment of Blockchain Technology in Japanese Domestic Interbank Payment Operation” mentions bitcoin by name several times. It examines how the Japanese financial industry could leverage a similar technology to stay competitive with those in the U.S. and Europe.

BitFlyer CEO Yuzo Kano, a veteran of the traditional banking and finance world, told

Read more ... source: TheBitcoinNews