Mizuho completed the block chain trade financing test

nnnThe Bank of Japan Group Mizuho announced the results of the block chain trade finance test. Participants included Marubeni Co., Ltd. and Japan’s insurance business. The bank said the digitization of the process reduced the time for the creation and distribution of trade finance-related documents, while reducing labor costs. But to play the role of the technology, we must unify the system.n
nnTranslation: Annie_Xun
nBank of Japan Mizuho (Mizuho) announced the block chain trade financing test results.n
nMizuho announced that the test participants Marubeni Corporation (Marubeni Corporation), the domestic insurance company Sompo Japan Nipponkoa Insurance Inc (damage Japan Xingya Insurance). Mizu said the information was transmitted between Japan and Australia. “All trade-related processes are completed through a block-based digital platform, including the issuance of letters of credit to trade documents.”n
nLast year the bank also launched a number of block-chain-themed tests, including the use of Bitcoin block chain for securities transfer, Mizuho also measured the technology for currency settlement and distributed billing and other fields.n
nThe benefits highlighted in this test include faster file transfer and higher transparency. Mizuho said the digitization of the process reduces the time it takes to create and distribute trade finance-related documents, while reducing labor costs.n
nTherefore, the bank pointed out that if some of the trade finance transaction participants do not really use the same system, these interests do not make sense.n
nn”It is not possible to send trade transaction information in the form of digital block chain or distributed book (DLT) format to parties that do not use the platform, and the transaction must be as usual.n
nnMizuho said the project could bring customer-oriented trade finance services, although there was no clear time for the product to be released.n
nn”Initiating this trade transaction project, Mizuho aims to further explore the real business applications of block chains and DLTs in order to provide technologically advanced, customer-centric services in the future.”n

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