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Japan Welcomes New Blockchain Collaborative Consortium

Reading Time: 2 minutes by on April 26, 2016 Business, Finance, News, Tech
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In Japan, 34 companies have teamed up to launch the Blockchain Collaborative Consortium (BCCC), a new coalition aimed at educating the public and raising awareness about blockchain technology.

Chaired by Yoichiro Hirano, CEO of Infoteria Corporation, the new organization will be dedicated to promoting blockchain and investment in the space, and will work toward expanding the scope of blockchain applications. BCCC will also support funding for blockchain research as well as coordinate and work with other blockchain organizations around the world.

Prior to BCCC, knowledge and achievements related to blockchain technology in Japan weren’t shared, so the scope of applications was limited.

“We who believe in the future of blockchain technology, strive to help Japan stay competitive,” states BCCC’s charter.

“Blockchain technology is not just at the heart of fintech therefore gaining popularity, but it is about to contribute significantly to the evolution of information systems in just about every industry.”

Alongside Hirano, the board includes Yasunori Sugii, CEO of CurrencyPort, and Takao Asayama, CEO of domestic blockchain startup Tech Bureau Corp.

Other founding members of BCCC include FISCO, a leading financial analyst services provider that recently launched a cryptocurrency exchange platform; Infoteria Corporation, a Japanese software firm that is building blockchain-enabled payments and settlement solutions in collaboration with Dragonfly Fintech; Microsoft Japan; and Consensus Systems (ConsenSys), a venture product studio building decentralized applications and tools based on Ethereum.

Lon Wong, CEO of Singaporean blockchain infrastructure developer Dragonfly Fintech, Anis Uzzaman, CEO of Fenox VC from Silicon Valley, and Kazutaka Muraguchi, head of Nippon Technology Venture Partners, are also involved in the organization as advisors.

Member companies are classified into four subcommittees:

The Popularization subcommittee will focus on blockchain education and promotion and is responsible for organizing promotional activities such as events and seminars.

The Practical Application subcommittee will be focused on making advancements in applying blockchain technology to their systems and services, and publishing the actual cases.

The Technology subcommittee will work toward improving understanding of blockchain technology and developing a community of blockchain specialized engineers.

The Administration subcommittee will be responsible for administrating the overall organization and examining policies.

The formation of BCCC comes at a time when blockchain technology is increasing in popularity in Japan with several banks and financial institutions either expressing interest in the tech or trialing blockchain-enabled systems in hopes of streamlining processes and cutting costs.

IBM and the Japan Exchange Group are currently conducting proof-of-concept tests for blockchain technology for use in trading in low transaction markets.

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