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Establishing of blockchain consortium is announced in Japan

Association includes 42 banks instead of expected 30 ones. Consortium members will use blockchain Ripple for payments and settlement.

It is expected that bank customers will be able to make internal and cross-border payments by using a distributed ledger technology in real time. According to the consortium, there is an increasing demand among consumers for instant and micropayments, among companies – for cross-border payments due to their expansion into markets of other Asian countries. According to Banking Technology, a creation of a pilot network, which will bring consolidate participating banks, is scheduled for March 2017. It is known that the association has included such financial institutions as Bank of Yokohama, SBI Sumishin Net Bank and Mizuho.

Ripple, an American start that will serve as a provider of payment service for a new organization, uses a technology to accelerate the interaction between banks. Ripple offers the technology that allows to interact with each other directly, without involvement of intermediaries. By September 2016 it has already $93 million.

ʺOur mission is to make transactions between banks in different countries truly effective for financial institutions and their consumers. Thus, we hope to create a basis for Internet of Value, with the help of which people around the world will transfer money as easy as information bow,ʺ the Head and one of the Ripple’s founders Chris Larsen said.


  • November 15, 2016 11:08 AM MSK