Joint Research to be Undertaken toward Development of New Financial Services Using Block Chain Technology
Feb 22, 2016
TOKYO, Japan - February 17, 2016 - ORIX Corporation ("ORIX"), ORIX Bank Corporation ("ORIX Bank"), The Shizuoka Bank, Ltd. ("Shizuoka Bank"), NTT DATA Corporation ("NTT DATA"), and NTT DOCOMO Ventures, Inc. ("NTT DOCOMO Ventures") today announced that they have agreed to commence joint research toward the development of new financial services using block chain technology1 . In the course of carrying out the joint research, the companies intend to actually build a prototype system using block chain technology and conduct proof-of-concept testing.
This research will verify the feasibility of block chain technology in the financial services sector based on the expertise and technical capabilities of the five companies. NTT DATA along with Orb, Inc2. , which has knowhow in the development of block chain core technology, will carry out research from the aspect of systems and technology. ORIX, ORIX Bank, and Shizuoka Bank are planning to conduct verifications of new financial services such as overseas remittance and various settlement services in light of customer needs. NTT DOCOMO Ventures will facilitate collaboration with the research's participating companies and other start-ups while working on incorporating other promising cutting-edge technologies. The companies also plan to work with partners from various industries to investigate applications to services using block chain technology in fields of business besides finance.
Furthermore, the companies plan on obtaining the involvement of Masakazu Masujima3 , an attorney at law firm Mori Hamada & Matsumoto, as an advisor regarding the legal aspects of this endeavor, including finance related laws and regulations.
Corporate Planning Department
1 A technology for creating networks with an extremely low risk of data falsification or loss by placing data on computers distributed around the world. A feature of the technology is that the validity of transaction data can be uniquely settled between parties concerned without an authentication server. It is expected that block chain technology will be applied to various fields, including finance, transaction settlement, and IoT, and proof-of-concept testing is being conducted actively in different fields.
2 A startup company developing and providing "orb," a decentralized, cloud computing system. It currently provides the SmartCoin service, which allows anyone to create virtual currencies easily. A feature of orb is that it is furnished with a consensus mechanism that was independently researched and developed.
3 A partner at the law firm Mori Hamada & Matsumoto, admitted to the bar in Japan and the State of New York. Masujima's practice includes legal advice on M&As and support for the creation of new business models using IT and data. He combines experience advising multiple financial institutions and IT companies with a macro perspective on financial administration.
Based on the trends of financial businesses outside Japan, Masujima provides advice and recommendations regarding matters such as the direction in which Japanese financial companies should head and systems that the government should introduce. He is also actively involved with block chains.
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into the lending, investment, life insurance, banking, asset management, automobile-related, real estate and environment and energy-related businesses. Since its first overseas expansion into Hong Kong in 1971, ORIX has spread its business globally by establishing locations in a total of 36 countries and regions across the world. Moving forward, ORIX aims to contribute to society while continuing to capture new business opportunities. For more details, please visit our website:http://www.orix.co.jp/grp/en/
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under "4. Risk Factors" of the "Summary of Consolidated Financial Results" of the "Consolidated Financial Results April 1, 2014 - March 31, 2015."
- View PDF of this release