Japan's SBI Holdings Joins R3 Blockchain Consortium

The Japanese conglomerate SBI Holdings, Inc. (TYO:8473) announced today that it will be the latest firm to join the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term consortium led by R3 CEV LLC. As a group whose main operation channel is the internet, SBIH will join the global initiative to increase the efficiency of financial markets by using blockchain technology, and proactively consider applying blockchain technology to the financial services of the SBI Group.

R3 already consists of 42 financial institutions from around the world, after in December 2015 a dozen banks joined the consortium including BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, U.S. Bancorp and Westpac.

The latest company to join explains its motivation by saying that as a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term pioneer in Japan, SBIH has been offering a wide range of financial services since its foundation by using the internet. All the SBI Group companies are promoting the introduction of new technologies in an effort to further increase customer convenience, with the aim of offering unique services in each business field, and differentiating themselves from other companies.

In January R3 announced the completion of a distributed ledger experiment with Ethereum involving eleven of the world’s biggest banks, including Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo.