Japanese multinational SoftBank Group has developed a blockchain-based system for managing personal financial information, Nikkei Asian Review reported.

Developed by subsidiary SoftBank Technology and blockchain startup Sivira, the system will provide financial institutions access to rent payment related histories and property information from Insite. Using this information, lenders would be able to easily assess a potential borrower's ability to pay, which is currently a time-consuming process.

SoftBank Technology will manage the system infrastructure. SoftBank aims to launch the blockchain solution in the market in 2019.

In September, SoftBank, in collaboration with Sprint Corporation, Far EasTone Telecommunications, and U.S.-based TBCASoft announced the launch of a new blockchain consortium, the Carrier Blockchain Study Group (CBSG). This followed a technology partnership announced in February between SoftBank, TBCASoft, and Sprint to jointly develop blockchain technology for telecommunication carriers.