After Japan’s first industry blockchain consortium, The Blockchain Collaborative Consortium (BCCC) inaugurated in April 2016, it has now revealed that
After Japan’s first industry blockchain consortium, The Blockchain Collaborative Consortium (BCCC) inaugurated in April 2016, it has now revealed that it has reached a total of 109 member companies and organizations. The main purpose of the blockchain consortium is to bring out the complete knowledge of the evolution of information systems in every industry. They have centered their focus on placing the blockchain technology at the very core of the Fintech Revolution in turn finding opportunities to prove the worthiness of blockchain technology.
Many financial institutions have showed an avid interest in the adoption of blockchain technology. They have been inquiring curiously about this new novelty. It is something to be looked up to as to how BCCC ended up growing so much in about a year’s time. The idea behind this technology is something that is an intriguing topic. Looking at the kind of attention that the blockchain technology has been grabbing, the BCCC decided to inaugurate the financial service subcommittee.
The soul purpose of the subcommittee was to enhance the awareness of blockchain technology as much as they can. They want to ensure that all the financial service companies are well aware of this new technology. They will also carry out industry activities in the financial service sector. This way it ensures that all the members will participate to share and information and study sessions of blockchain innovation among each other. The addition of 75 members to the committee is yet exploring the novelty while the founding members have held it firm with their predominant backers and promoters. The likes of Microsoft Japan and Etherum-coder collective ConsenSys as its members provided it a strong support.
On the other side, the big three banking cooperation in Japan are leading an inspection into looking up the blockchain based banking processes. Mizuho, SMBC and Mitsubishi UFJ have found out an accomplished testing of nine months of domestic money transfers. Their tests proved very effectual and ended up scaling 1500 transactions made per second, in turn beating the 1400 transaction per second speed that the current banks have acquired as their maximum speeds. This test used ‘miyabi’ which is a proprietary blockchain that is developed by Japan’s largest bitcoin exchange firm, bitFlyer. In February 3027 all the ‘megabanks’ became investors in this bitFlyer.
With the help of Ripple-powdered cloud-based blockchain platform ‘RC Cloud’ the Japanese banks were in the state of conducting real time domestic and international money transfers. In March 2017, Ripple CEO Brad Garlinghouse stated that blockchain was entering production along with proficient blockchain money transfers that included money transfers from 47 Japanese banks.
Blockchain technology is transforming money transfers all over the world.