Japanese Bank Mizuho Financial Group has released a press release announcing their partnership with Cognizant, a leading provider of information technology, consulting and business process outsourcing services to build a blockchain solution for secure record keeping of documents among Mizuho’s various companies around the world.
Mizuho has become another financial institution seeking to develop blockchain technology into their existing infrastructure as several other high-profile banks have as well recently. Mizuho states that the current goal of this project is to see how blockchain technology can be:
More secure, transparent, efficient and cost-effective, thereby delivering superior experience to customers.
Cognizant’s first and foremost goal initially will be to ensure that their distributed ledger technology solution provides is highly secure and transparent for Mizuho’s document exchange, multi-party verification and signing processes. The first rollout of the technology will focus on the Mizuko offices located in Tokyo and New York.
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“We are pleased to be among the early adopters of blockchain technology in Japan to make our processes and workflows faster and more efficient,” said Toshitsugu Okabe, Deputy President and Executive Officer of Mizuho Financial Group.
The global domain and technology expertise of Cognizant will complement our vision and reinforce our reputation as the most trusted financial services group. We are impressed with Cognizant’s blockchain-based solutions for financial services organizations, and their sharp focus on this rapidly evolving technology.
Cognizant has been a vocal supporter of blockchain technology in the past and Mizuho is not their only client in the financial space. They focus on building innovative digital frameworks and prototypes for their clients that harness distributed ledgers with blockchain technology in a “world class alliance ecosystem.”
“Blockchain technology is a game-changer for the financial services industry,” said Prasad Chintamaneni, President, Banking and Financial Services, Cognizant.
We continue to invest in our blockchain capabilities and are going beyond cryptocurrencies into newer areas such as smart contracts and P2P transactions. This agreement will pave the way for increased adoption of Blockchain technology at Mizuho Financial Group to minimize counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.
As consulting firms and other types of businesses continue to work with large organizations such as banks, governments and other entities, best practices for distributed ledger technology will certainly emerge and create even more applications of the concept