Japanese blockchain consortium establishes financial services subcommittee

New subcommittee to give focus on the specific concerns of financial companies, such as insurers and banks

Japanese blockchain consortium establishes financial services subcommittee

Insurance News

By Gabriel Olano

The Blockchain Collaborative Consortium (BCCC), a Japan-based association for the promotion of blockchain technology, has decided to set up a financial services subcommittee in recognition of the vital role financial institutions play in the advancement of the technology.
By establishing a financial services subcommittee, the BCCC will be able to focus more on the specific needs and concerns of financial companies such as insurers and banks. The subcommittee will also serve as a forum to create approaches in integrating blockchain in operations and promoting the technology to other members of the industry. Regular study sessions and information sharing among members will be held.

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The subcommittee’s chairman is Yoshinari Matsuda, president and CEO of Unitedly Co., with activities set to begin this March. Several well-known member financial institutions include Mitsui Sumitomo Insurance, Aozora Bank, and Awa Bank.
The BCCC was founded on April 25, 2016 with 34 founding members, and it had rapidly expanded to 109 members as of December 2016. Initially, the consortium’s members were mostly companies that developed and promoted the technology, but later many blockchain user companies joined, such as financial institutions, manufacturers, and service industry firms from all over Japan.  The current chairman is Yoichiro Hirano, CEO of Infoteria Corporation.

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