Japan is leading the way in integrating Blockchain into financial services; Fujitsu and Japanese Bankers’ Association announce partnership.
Japanese information technology equipment and services provider Fujitsu has signed a partnership with the Japanese Bankers’ Association (JBA) for the conduct of a trial on the feasibility of using Blockchain technology in financial services transactions.
Beginning October 2017, JBA member banks will start to develop their own applications based on Blockchain. They will then conduct a trial run to determine the feasibility for commercial applications.
In a press release, the JBA said that Blockchain will be tested in such applications as settlement and fund transfer services.
“JBA will provide its Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for applications employing Blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication.”
Overview of Japanese Bankers Association
The JBA was established with a mission to assess or evaluate the effectiveness of payment systems and to provide guidance to banks on different issues like how to use or adopt new technologies for the improvement of their services. The association’s members include banks, smaller banking institutions, and bank holding institutions.
Other financial institutions adopting Blockchain technology
Aside from the JBA members, other banks are also conducting tests on Blockchain as a base for their financial services.
Among them is SBI Ripple Asia, the joint venture between Ripple Labs and Japanese financial services company SBI. In its announcement in mid-September, the joint venture said that it will commence the testing of its Blockchain-based funds-transfer system involving banks in Japan and South Korea by the end of 2017.