The Japanese Mizuho Financial Group, subsidiary bank Mizuho and IBM Japan are collaborating to build a blockchain platform for trade financing. On
The Japanese Mizuho Financial Group, subsidiary bank Mizuho and IBM Japan are collaborating to build a blockchain platform for trade financing.
On 26 April 2017, the newly established partners announced that their goal is to streamline trading operations and improve supply chain efficiency, according to their press release (available at: www-03.ibm.com).
“We are pleased to be the market leader in Japan in powering our processes and workflows with distributed ledger technology and continue to work aggressively towards expanding our portfolio of its implementations across the group.”, as Daisuke Yamada, Managing Executive officer and Chief Digital Innovation Officer of Mizuho Financial Group, stated.
“The global expertise in digital technology of IBM complements our vision and has opened further avenues for us to tap the potential of distributed ledger in transforming our processes and workflows for better enterprise agility, transparency and regulatory reporting.”, elaborated the managing executive.
Mizuho Financial Group is reportedly working with IBM Japan to conduct actual trade transactions based on Hyperledger Fabric, a blockchain framework implementation and one of the Hyperledger projects hosted by the Linux Foundation.
“The Mizuho Financial Group and Mizuho Bank’s project marks an important step in using blockchain technology for actual operations in trade finance.”, commented the Managing Director of Industry Sales at IBM Japan, Masao Sanbe. “In working with global trade networks to digitize documentation and processes, IBM recognizes the potential of blockchain to help streamline financial trade services.”, as he added further.
This first phase will expectedly lead to Mizuho conducting actual trade transactions powered by the blockchain technology in June 2017 in an effort to advance the trade financial platform for commersialization.
Other global financial hubs are exploring the potential and application of different blockchain solutions. Dubai and Hong Kong are some of the countries that has been known to work toward the development of such blockchain solutions.