Blockchain technology continues to create ripples across multiple industries. Almost every day one can hear either a new blockchain initiative, or a blockchain conference or a report exploring the potential of the technology. Several companies are investing billions of dollars not only into blockchain startups, but also blockchain research to explore relevant use cases.

Now, Japan's major financial services and tech companies have collaborated on a new blockchain initiative. ORIX Corporation, ORIX Bank Corporation, The Shizuoka Bank, Ltd., NTT DATA Corporation, and NTT DOCOMO Ventures, Inc. on Monday announced that they will team up for the development of new financial services using blockchain technology.

The press release said that during 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”, it added.

The specific responsibilities of every firm have been broadly chalked out:

• NTT DATA and Orb, Inc. , with their expertise 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 accordance with 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.

In addition to financial services, the companies also plan to work with partners from various industries to explore applications to services using block chain technology in fields of business.

The companies also seek the involvement of Masakazu Masujima, an attorney at law firm Mori Hamada & Matsumoto, as an advisor regarding the legal aspects of this endeavor, including finance related laws and regulations.