Banks of Japan are preparing common blockchain platform

Japanese financial institutions, Bank of Yokohama and SBI Sumishin Net Bank, have initiated the development of a common blockchain platform.

The aim of the project is to reduce costs for conducting external and internal exchange operations.  

It is expected that 15 banks will join the project, which launch is scheduled for October this year. The first results should be expected in March 2017.  

“The consortium will examine new types of payment services based on blockchain”, according to SBI Holding, the company owing SBI Sumishin Net Bank.   

Authors expect that the platform will be useful for three dozens of banks.