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.
Read the full meeting minutes below:
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- ELEV8CON adds BBVA, Bumble Bee Foods, State Street, Ticketmaster to Lineup for Enterprise Blockchain and Digital Asset Conference - December 9, 2019
- Mintdice – Playing it Fair with Blockchain - December 9, 2019
- Juventus Become The First Football Club In The World To Be Tokenized - December 3, 2019
- London’s Travala.com Teams Up With Amsterdam’s Booking.com In Massive Crypto Travel Deal - November 28, 2019
- High-Powered Group of Legal Experts Determine Cryptoassets and Smart Contracts Legal Under UK Law - November 21, 2019
- Hyperledger Adds Eight New Members – Rolls out Updates - November 21, 2019
- Failed ICO, Token Sale Project SNIPs Acquired by Sonos for $37.5 Million - November 21, 2019
- Algorand Launches Protocol Upgrade, Setting the Stage for the Next Wave of Distributed App Development - November 21, 2019
- ArcBlock Partners with Ride-Sharing Service GoFun to Develop Services and DApps on Blockchain - November 20, 2019
- Hacktivist Phineas Fisher Cracks Cayman National Bank and Trust – Offers $100,000 Bitcoin/Monero Bounty To Other to Hack Banks, Big Companies - November 20, 2019
- Graph Blockchain to Acquire Shroom Street – Cracking Psychedelics Market - November 20, 2019
- OpEd: Burned By Bitwala – Visa Card Money Gone When Wavecrest Wound Down - November 19, 2019
- Chinese Military Eyes Blockchain Technology for Rewards Programme – Boosting Training and Gamifying System - November 18, 2019
- FinCEN Boss: American Regulators to Strictly Enforce AML in Crypto Industry - November 18, 2019
- Visa’s Rolls Out New Blockchain LucidiTEE – Tackles Concerns related to misuse of sensitive user data, when shared with third-parties. - November 18, 2019
- Utrust Joins Forces with Alternative Airlines for Flight Bookings with Crypto - November 13, 2019
- Dark Web Drug Dealer Pleads Guilty To Using Cryptocurrency to Launder More Than $19 Million - November 13, 2019
- Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone? - November 13, 2019