Nomura Research Institute Interested In Exploring Several Use Cases Of Blockchain Technology

Nomura Research Institute (NRI), a Japan-based leading provider of consulting services and system solutions, has been increasingly taking interest in blockchain technology. NRI is undertaking studies focused on the technology and its implementation across various industries.

Last October, NRI initiated a proof of concept (PoC) for blockchain technology, focusing on the securities industry. Later, in December, it announced that it will develop a PoC for implementing blockchain technology with banking, in collaboration with SBI Sumishin Net Bank, Ltd. (SBI Sumishin).

"This PoC is a strong example of NRI's continued commitment to open innovation, through collaborations with various firms, to create new value in the marketplace," Minoru Yokote, Senior Managing Director of NRI, said in a statement. "NRI is committed to examining technical challenges of blockchain and suggesting ways to apply this technology to the banking industry."

In a recent interview with CoinDesk, Kazumitsu Yokokawa, head of the financial services research and technology group at NRI, suggested that he believes private PoCs will be more effective when pursued with the help of firms like his own.

"I think financial firms are going to bet on both individual P0Cs and consortium models. They want to work individually and with groups, but I personally believe that private P0Cs will see quicker results”, said Yokokawa.

He added that NRI sees a strong business case in exploring blockchain technology given the demand by groups like Nomura and SBI. He also suggested that further PoCs could be launched around other use cases as they are identified.

"Blockchain could be used for many industries, including retailers and enterprises, and we are interested in exploring these," he said. "The purpose of these PoCs is to come up with practical ways to use blockchain in the future for these industries beyond financial industry."

Yokokawa added that following the completion of the initial PoCs, NRI will decide on how to move forward with blockchain technology, including potentially releasing its technology.