Japanese Interest in Blockchain Technology Growing

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Pete Rizzo has dug deep with some great research and has written an excellent article at Coindesk on Japan’s Ministry of Economy, Trade and Industry (METI) who have been discussing the potential impact of blockchain technology on its domestic finance industry.

The article called Japanese Trade Ministry Exploring Blockchain Tech in Study Group can be seen here.

Rizzo got his hands on METI’s latest meeting minutes which reveal there was broad opinion among meeting participants that blockchain technology could “impact the whole financial industry”, stating:

“The impact of blockchain is huge. Its importance is similar to the emergence of Internet and Google.”

The article goes on to note those at the meeting suggested blockchain technology could reduce costs significantly for financial institutions.

Still, the meeting saw METI weigh both sides of the ongoing conversation surrounding the technology, as the potential safety concerns of such systems were also discussed.

“For example, at present concerns in reputation and money laundering remain in bitcoin trading,” the minutes read.

Though a full list of attendees is not available on METI’s website, participants in the group’s inaugural 6th October meeting included representatives from major financial firms that have already voiced interest in the emerging technology.

These included Accenture, Deloitte, Mizuho Financial Group and Nomura Research Institute. One member from the Bank of Japan, the country’s central bank, was also in present at the meeting.

Read the full meeting minutes below:

Japan Ministry of Economy, Trade and Industry FinTech Group Second Meeting

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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