Japan's leading IT services provider NTT Data has announced its plans to launch a new consortium focused on blockchain technology which will include representatives from across industries.

According to the official announcement, the consortium is set to launch on August 30, 2017, and aims to investigate blockchain use cases. The initiative has so far received support from 13 companies in insurance, general logistics, import and export, and other sectors.

The companies include Kawasaki Kisen Corporation, Sojitz Corporation, Tokio Marine & Nichido Fire Insurance, Toyota Tsusho Corporation, Nippon Express, Mizuho Financial Group, Mitsui Sumitomo Insurance, and Bank of Tokyo-Mitsubishi, among others.

NTT Data has been actively involved in the blockchain space. In June, it announced that it has successfully tested Japan’s first prototype of a smart insurance policy based on blockchain. It said at the time that it hopes to apply blockchain technology throughout the entire international trading system.

“Through this consortium activity, NTT DATA will resolve issues in cross-sectoral trade operations and lead to the practical application of a trade information collaboration platform utilizing block chain technology,” it said (loosely translated).

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest