The blockchain is a revolutionary technology that has taken the world in its grip. It has transformed industry and business operations like never before. Japenese inclination towards technology is known to everyone. The country is actively promoting Blockchain and has always favored the use of this technology for the betterment of the future. Well, the recent news also comes from the nation, Japanese frim SBI Holdings has announced a partnership with R3, a Blockchain consortium, to promote and accelerate the growth of Blockchain favored ecosystem. In this blog, we will be focussing on this news and how this move is going to be for the industry.
The Rise Of Blockchain Technology
The history of Blockchain technology takes us back to 2009 when Bitcoin emerged as an alternative to fiat currency. This digital currency promoted faster and easier financial transaction without depending on the third party. The underlying technology, Blockchain supported all this. This distributed ledger technology aided the monetary exchange without depending on the third party for verification and validation.
Blockchain’s use did not restrict to just cryptocurrency exchange, instead, its features made this technology find application for different business operations.
Key Features Of Blockchain That Make It So Popular
The popularity of this technology is credited to the following features:
- Transparency
- Immutability
- Ease of exchange
- Data security
- Traceability
All these features find application in all the business verticals. Whether it is about financial transaction or supply chain management, you would find Blockchain’s usefulness.
It is because of these features that Blockchain is gaining popularity in every nation and industry. From startups to the established firms, everyone is trying to explore ways in which this technology can prove beneficial. Japanese firm SBI holdings initiative is one such move in this direction.
News Analysis
SBI Holdings is a Japanese financial service firm. The company, in January, announced its partnership with R3 (Blockchain consortium). The objective of this collaboration is to promote the use of Blockchain technology in the East Asian region.
SBI is one of the largest shareholders in R3. The company will be promoting the use of Blockchain technology.
Areas Of Application
The collaboration aims at promoting the use of Blockchain in different fields like :
- Finance
- Real Estate
- Supply Chain Management
With this move, the company aims at promoting the use of Corda network amongst a network of 300 companies who are a member of this consortium. It will promote the commercial application of Corda.
This is not the first time, that SBI has promoted Blockchain technology It has also aided many Blockchain based projects. To quote a few, SBI Holdings invested in LastRoots which is a Japanese Exchange firm. The company also backed Breadwinner AG’s BRD wallet. It had partnered with Sepior ( Blockchain startup) in creating a secure online wallet.
SBI Holdings also joined hands with BitPesa, Kenya-based firm to handle cross-border payments.
Snapshot At The Collaboration
- This partnership will promote adoption of Cords and Corda Enterprise in the East Asian region.
- It will focus on commercial adoption of Corda
- SBI will leverage its network of 300 members to use Corda enabling easy and faster transaction
- It will motivate the use of Blockchain technology and at the same time increase the inclination of people to use Blockchain.
Why Are Companies Focussing On Blockchain?
When it comes to the digitization of financial system, then Blockchain has its own space. It provides a platform that aids transparent and secured transaction without relying on the third party. Blockchain offers a platform where every data exchange is stored in chronological order. This time-stamping of data makes it easy for anyone to track and trace a piece of information. Additionally, every data is encrypted cryptographically ensuring data security. It is because of these reasons that we see many companies using this technology for its benefit.
Closing Thoughts
SBI Holdings announcement to promote Corda is just one step in the direction of adoption of Blockchain technology. The company has taken many other initiatives. It is not the first firm to do that, and many companies are trying to focus on using Blockchain technology, names like Facebook, Microsoft, Apple are in the list of Blockchain stalwarts.
Despite being a decade old, this technology has established itself as the base for the future — the kind of benefits which Blockchain has to offer to remains unchallengeable.
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