Mizuho Bank Confirms that Blockchain Greatly Reduces Settlements Time
- Using the blockchain Open Assets Protocol, the companies involved built a blockchain-forming system in Fujitsu's cloud environment.
Mizuho Bank, Ltd. and Fujitsu Laboratories Ltd. today announced that they have successfully conducted an operational trial using 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 for cross-border securities transactions. The firms say the technology makes it practically impossible to tamper with transaction histories as well as shortening the processing time from the three days to same-day settlement.
This revelation further showcases the adoption of blockchain by mainstream Japanese corporations as Mizuho is one of the largest financial institutions in the world and Fujitsu is a technology firm with revenues of $40 billion a year.
The companies plan to create an exceptionally convenient financial system that reduces the risks associated with cross-border securities transactions, such as price fluctuations. They explain that in the past there have been attempts to reduce the number of days required for settlement by eliminating the complicated instruction checking process and sharing data through centralized management. However, issues such as the large cost of system operations management made the initiative impractical.
Using the blockchain Open Assets Protocol, the companies built a blockchain-forming system in Fujitsu's Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term environment, recording the information from a confirmation as one linked block. In the system, continuously generated blocks containing trade information were chronologically linked as a blockchain, becoming information that could not be tampered with.
Photo: Fujitsu
This latest test is evidently part of a larger commitment to the technology by the Japanese conglomerate. Last month, Mizuho Financial Group signed a strategic agreement with IT firm Cognizant (NASDAQ: CTSH) to develop a blockchain solution for secure record-keeping of documents among the its companies around the world.
Mizuho Bank, Ltd. and Fujitsu Laboratories Ltd. today announced that they have successfully conducted an operational trial using 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 for cross-border securities transactions. The firms say the technology makes it practically impossible to tamper with transaction histories as well as shortening the processing time from the three days to same-day settlement.
This revelation further showcases the adoption of blockchain by mainstream Japanese corporations as Mizuho is one of the largest financial institutions in the world and Fujitsu is a technology firm with revenues of $40 billion a year.
The companies plan to create an exceptionally convenient financial system that reduces the risks associated with cross-border securities transactions, such as price fluctuations. They explain that in the past there have been attempts to reduce the number of days required for settlement by eliminating the complicated instruction checking process and sharing data through centralized management. However, issues such as the large cost of system operations management made the initiative impractical.
Using the blockchain Open Assets Protocol, the companies built a blockchain-forming system in Fujitsu's Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term environment, recording the information from a confirmation as one linked block. In the system, continuously generated blocks containing trade information were chronologically linked as a blockchain, becoming information that could not be tampered with.
Photo: Fujitsu
This latest test is evidently part of a larger commitment to the technology by the Japanese conglomerate. Last month, Mizuho Financial Group signed a strategic agreement with IT firm Cognizant (NASDAQ: CTSH) to develop a blockchain solution for secure record-keeping of documents among the its companies around the world.