Mizuho Financial Group, one of the leading financial institutions in the world, has been involved in the blockchain space for quite some time now. The financial services giant joined the R3 blockchain consortium last November, and recently collaborated with Cognizant to develop blockchain solutions.
According to recent reports, Mizuho has announced a second blockchain technology trial to be focused on syndicated loans. For the project, the company is joining forces with Information Services International-Dentsu (ISID), blockchain startup Currency Port and Microsoft Japan Co, the local subsidiary of the US tech giant, CoinDesk reported.
ISID has been focusing on blockchain research. It will bring its extensive experience to the trial and verify the applicability of the blockchain technology to the banking business. ISID corporate communications officer Kayoko Lee told CoinDesk that the project is still in early stages, as the partners seek first to "verify the applicability" of the technology to the post-trade process using Microsoft’s blockchain-as-a-service (BaaS) offering.
"We deepen understanding of these advanced technologies through this experiment, and aim to create the new service models which bring financial innovation”, he said.
Currency Port provides multi-currency support for “over-the-counter settlement” and as offers a variety of API for “person-to-person money transfer”, “currency exchange”. It has been conducting in-house study sessions based on blockchain technology and has been participating in various blockchain-based seminars and events.
Microsoft Japan offers Azure Blockchain as a Service (Azure BaaS) to support the development of solutions using the blockchain technology in the cloud platform Microsoft Azure, the press release said.
