Japan-based Blockchain Collaborative Consortium (BCCC) announced that leading companies that are promoting the use of blockchain technology have joined the consortium, expanding membership to the current 109 companies and organizations.

BCCC also announced that a new Financial Services Subcommittee will be formed in March 2017 that aims to boost and create awareness on the potentials of blockchain among financial institutions, where blockchain adoption is rapidly growing.

The Blockchain Collaborative Consortium has inaugurated last year April with 34 founding member companies initially and is led by chairman Yoichiro Hirano, CEO, Infoteria Corporation. The consortium’s main objective is spreading and building awareness of blockchain technology, promoting its research and development, encouraging related investments, and collaborating with overseas blockchain organizations.

With the addition of 75 new member companies and organizations including Mitsui Sumitomo Insurance, Aozora Bank and Awa Bank, Marubeni, Gurunavi and NCR Japan, the total membership reached 109 as of December 15, 2016.

“As more companies consider the adoption of blockchain technology, there has been a recent increase in the number of financial institutions joining the BCCC. Many inquiries are also being received every day by the BCCC and member companies. In consideration of these circumstances, a decision was made to inaugurate the Financial Services Subcommittee in March 2017,” the release stated.

The new Financial Services Subcommittee will operate as a forum for considering the application of blockchain technology to financial services operations. Activities will include holding regularly scheduled study sessions, the provision of required information to financial institutions, information-sharing between participating subcommittee members, among others.

BCCC’s future plans include developing measures and policies through its committees. It plans to host Blockchain Daigakko seminars and educational programs for blockchain technology as well as various seminars for the general public, engineers and mass media.