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

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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