Tech Giant Hitachi to Conduct Blockchain Research in New R&D Lab

Japanese tech giant Hitachi will establish a financial technology research lab in the United States that will focus on blockchain applications.

The research center will open next month in partnership with technology innovation in California's Silicon Valley.

Hitachi, which has interests in many industries including IT, consumer electronics and power generation, said it plans to use the research center as a means to carry out initiatives that work in conjunction with its customer base.

Hitachi said in a statement:

“By establishing the Financial Innovation Lab in Silicon Valley, Hitachi will accelerate research [and] development of blockchain technology, collaborate with customers to innovate, and develop solutions to support business innovation for financial institutions.”

The announcement marks the company’s latest step toward blockchain applications. Hitachi is a member of the Hyperledger Project, an open-source blockchain innovation effort overseen by the Linux Foundation, which it joined in February.

Hitachi senior researcher Satoshi Oshima serves on the project's technical steering committee and is also leading Hitachi's internal blockchain work. The committee appointed its first chairman last month and recently received a proposal from the developers to JPMorgan Chase.