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Japanese Interest in Blockchain Technology Growing

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Blockchain Expo North America 2019

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.

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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

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, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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