Mizuho and Microsoft Japan trial blockchain for syndicated loans

Financial services giant Mizuho has announced a second blockchain technology pilot project that will focus on syndicated loans.

Announced on Feb. 16 , the project also counts a number of other Japanese companies in its ranks besides Mizuho, ​​including Information Services International -Dentsu ( ISID ) , blockchain startup Currency Port , and the Japanese subsidiary of U.S. IT giant Microsoft.

ISID Corporate Communications Director Kayoko Lee said,

The experimental project is still in its early stages. As partners, they first hope to " verify the application capabilities " of blockchain technology. Currently, they will use the " Blockchain - as-a- Service ( BaaS ) " provided by Microsoft to handle post-transaction processes.

Lee told reporters:

“ Through this experiment, we will deepen our understanding of these cutting-edge technologies and aim to create new service models brought about by this financial innovation. ”

Prior to this, Mizuho had just announced a partnership with IT consulting firm Cognizant . It is exploring the use of blockchain technology for internal record keeping and seeking further cooperation. Currently, many startups are exploring the use of blockchain for syndicated loans.

For example, Digital Asset Holdings and itBit , two blockchain companies, have raised a total of nearly $ 90 million in financing, and the services they provide also include syndicated loans.