Japanese largest financial services company and one of the three Japanese “megabanks”, Mizuho Financial Group, announced their blockchain application development earlier this week, after completing the first trial of its customized digital currency and cross-border document sharing technology supported by IBM and consulted by Cognizant.
In the announcement, Mizuhuo concluded that the trial was successful, and their “tamper-proof” blockchain solution is proved to be effective for sharing information among several subsidiaries within the Mizuho group, as well as same-day cross-border settlements of securities transactions and digital currency transfers, with significant “cost savings and enhanced usability”. Through the blockchain technology, Mizuho confidently expressed their next goal of “storing and managing large volumes of data over a distributed ledger”.
Mizuhuo’s announcement is one of the first several trial feedbacks of companies adopting blockchain technology. And, the result turns out to be expectedly satisfying. With the development in the blockchain solutions, different institutions could seek the opportunity of collaborating with technology provider for customizing their unique and conforming blockchain solutions, to better serve within their institutions and differentiate among their competitors.