Cognizant Partners With Mizuho Financial Group To Develop A Blockchain Solution For Secure Record-keeping And Improved Customer Experience

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One of the largest financial institutions in the world,  Mizuho Financial Group  and Cognizant, a leading provider of information technology, consulting, and business process outsourcing services, today announced a strategic agreement to develop a Blockchain solution for secure record-keeping of documents among Mizuho Financial Group companies around the world.

“We are pleased to be among the early adopters of blockchain technology in Japan to make our processes and workflows faster and more efficient,” said Toshitsugu Okabe, Deputy President and Executive Officer of Mizuho Financial Group. “The global domain and technology expertise of Cognizant will complement our vision and reinforce our reputation as the most trusted financial services group. We are impressed with Cognizant’s blockchain-based solutions for financial services organisations, and their sharp focus on this rapidly evolving technology.”

“Blockchain technology is a game-changer for the financial services industry,” said Prasad Chintamaneni, President, Banking and Financial Services, Cognizant. “We continue to invest in our blockchain capabilities and are going beyond cryptocurrencies into newer areas such as smart contracts and P2P transactions. This agreement will pave the way for increased adoption of Blockchain technology at Mizuho Financial Group to minimise counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.”

This agreement marks the beginning of a strategic program at Mizuho to leverage blockchain technology for building new work processes to make transactions and digital interactions more secure, transparent, efficient and cost-effective, thereby delivering superior experience to customers.

As part of the agreement, Cognizant will bring together its extensive financial services, consulting and digital technology expertise to design and develop a blockchain solution for Mizuho’s customers, counterparties, and group companies to exchange and sign sensitive documents in a secure and transparent manner, resulting in faster, more efficient processing and multi-party verification. This engagement will initially focus on New York and Tokyo, where most Mizuho group companies are based.

Cognizant has been making focused investments to strengthen its blockchain capabilities, develop innovative digital frameworks and prototypes to harness distributed ledgers, and build a world-class alliance ecosystem. The company is collaborating with some of the world’s leading financial services organisations to help them embrace blockchain technology.

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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