The Japan Exchange Group Blockchain Consortium has announced it has the support of a full 26 member companies, as it continues to pioneer the development of new blockchain technologies.
Focusing on applications for the technology in capital markets, the project was unveiled in November, initially as a partnership between the Tokyo Stock Exchange and the Japan Securities Clearing Commission.
Now a slew of new members have joined the field, including Merrill Lynch, Nomura Holdings, Daiwa Securities Group and Mizuho Bank, taking the total number of partners working in collaboration up to 26.
The project is seeking to develop blockchain-based solutions for the exchange, allowing financial companies to save on the costs of compliance, as well as reducing the various risks posed throughout the transactional process.
The group also brings together contributions from Japan’s Financial Service Agency and the Japanese central bank, providing the essential regulatory link that will be required if the project is to prove fruitful, paving the way for further testing of their software models in sandbox conditions.
According to a statement from the Japan Exchange Group, the new members will help participate in widespread system testing, commencing in April, as their blockchain solutions advance toward the market.
“We will be launching a community website for registered participants in March. Furthermore, in terms of the actual testing environment, we plan to release the first user application for this series in April.”
The Exchange Group already has form for exploring blockchain projects, including an earlier hookup with tech giant IBM, and several other projects aimed at testing the possibilities afforded by blockchain technology.
In doing so, it joins a number of other worldwide exchanges, financial companies and regulators in exploring the blockchain, which it is thought could have significant cost, security and efficiency benefits for the industry.
The consortium is expected to continue to attract new members in the months ahead, as it moves from testing pilot projects through to developing more robust, market-ready models.