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Mizuho Bank speeds international securities transactions using blockchain

Peter Sayer | March 10, 2016
Banks may be skeptical of bitcoin, but they're happy to use the underlying technology to record other transactions.

With a blockchain-based ledger, Mizuho can complete transactions on the same day, it said Tuesday.

While other approaches can speed up such transactions, they typically involve a centralized system. In a blockchain system, each machine storing or adding to the blockchain behaves independently, with the validity of the record determined by consensus among all the machines.

This decentralized approach keeps cost down, according to Fujitsu and Mizuho.

In the trial, the system was run entirely in Fujitsu's cloud infrastructure, but in principle there is nothing to stop other banks or infrastructure providers from participating and submitting their own transactions by running their own instances of the system.

 

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