According to Japanese bitcoin news, it was revealed that Mizuho Financial Group joins blockchain consortium led by New York-based financial innovation startup R3. Mizuho Financial Group becomes the second Japanese bank to join after Mitsubishi UFJ Financial Group.

mizuho-bank-logoThe total number of banks collaborating on the project increased to 25 including Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, Toronto-Dominion Bank, Nordea Bank, and Unicredito Italiano.

R3 team consists of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies.

These global leading financial institutions are focusing on the technology of blockchain as it’s said that the technology could disrupt existing settlement infrastructure. R3 gets considerable interest from many financial firms all over the world, according to the company.

R3 will lead collaborations between its members on design, engineering, experimentation and research projects related to blockchain and distributed ledger technology. They will develop commercial applications for this emerging technology in the global financial services industry. The project also aims to establish consistent standards and protocols for the technology.

(Source: bitcoin news)