42 financial institutions created a new Blockchain Japan Banks Consortium focused on decentralized payments.
Created by the financial service called SBI and co-launched with the distributed ledger startup Ripple, this new blockchain consortium includes a wide range of large and small companies and institutions. The creation of this blockchain consortium comes a few days after SBI revealed that it would work to create its own digital currency exchange in Japan.
Members involved in this new program want to share resources and work on a cross-border proof-of-concept, with the goal of creating a new common ground for commercial-scale products in 2017.
SBI explained in a statement:
“The Consortium will promote discussion, from both technical and operational perspectives, on activities required in domestic and foreign exchange services to utilize blockchain and other new technologies, consolidate domestic and foreign exchange services, and build 24-hour and real-time remittance infrastructure, and will try to finish PoC by next March to move forward commercial base.”
Also, SBI explained that efforts to create this blockchain consortium began in August, with the first goal to involve 15 member banks, but the group has rapidly increased its members during the promotional period, the company commented.
This blockchain Japan Banks consortium created by SBI is the latest effort of its kind. Similar groups have been created in recent months among Russian financial companies and European insurance brands. Read more here.
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Japanese Blockchain Consortium is growing fast – HolyTransaction's blogPosted on 2:09 pm - Dec 16, 2016
[…] In November Ripple launched its own blockchain consortium with more than 40 banks with the goal of building a network to conduct cross-border payments. […]