Bank of Japan: Blockchain could change financial services

Rage Comment : This year, Japan seems to have come out of the shock and worry of the collapse of the Mt. Gox Bitcoin exchange. The Ministry of Economy, Trade, Industry, and Trade, Japan's e-commerce giant Rakuten, the Financial Services Agency, and Mitsubishi UFJ Financial Group have all participated in the blockchain and digital currency technology fields to varying degrees. This week, the Governor of the Bank of Japan clearly stated that blockchain and distributed ledger technology may change the financial service model, and pointed out that there is a lack of talent in this field in the country.

Translation: Annie_Xu

The governor of the Bank of Japan this week suggested that financial services models could evolve as blockchain and distributed ledger technology develop.

This year, the Bank of Japan established the FinTech Center, which is dedicated to researching Internet financial technologies. The statement by central bank governor Haruhiko Kuroda came at a meeting of the center.

He pointed out that advances in artificial intelligence and blockchain technology could change the face of financial services.

“As the fundamental information architecture underpinning the development of financial services, a dramatic shift in the way accounts are kept has the potential to significantly alter the architecture of financial services.”

Kuroda’s statement echoes comments made by Deputy Governor Hiroshi Nakato in May, who said the central bank should pay close attention to developments in digital currencies and blockchain technology.

Haruhiko Kuroda

Kuroda noted that the central bank hopes to lead financial technology research, which will ultimately affect the central bank's operating model.

"Given the possibility of the central bank adopting Internet financial technology in the future, the central bank is ready to conduct research and analysis."

At this time, there is an increasing amount of investment and R&D activities in blockchain and distributed ledgers in China. However, just like the international situation, the news media also pointed out that there is an extreme lack of talent in this field in China.