Mizuho Financial Group, the third biggest bank in Japan, has announced its plans to use blockchain in document circulation process. The solution will be developed by information technology provider Cognizant.

This blockchain application will be integrated in the workflow system of all Mizuho Financial Group companies around the world initially focusing on New York and Tokyo where the most of Mizuho’s units are based.

“We are pleased to be among the early adopters of blockchain technology in Japan to make our processes and workflows faster and more efficient,” said Toshitsugu Okabe, Deputy President and Executive Officer atMizuho Financial Group.

The Japanese financial group intends to apply the distributed ledger technology to corporate document processing and record keeping, “to make transactions and digital interactions more secure, transparent, efficient and cost-effective, thereby delivering superior experience to customers,” reads the company’s press release.

“Blockchain technology is a game-changer for the financial services industry,” believes Prasad Chintamaneni, Senior Vice President at Cognizant.

Mizuho used to hold accounts of the collapsed bitcoin exchange Mt. Gox, and even took part in the lawsuit as a witness for defence. In October 2015 Mizuho joined R3, the global consortium of banks developing blockchain framework for markets, which now unites 30 world financial and technological leaders.

New Jersey-based company Cognizant, listed in Nasdaq-100 and S&P 500, offers consulting, business, and IT outsourcing for financial services and institutions. Two thirds of its employees are based in India.

Elena Platonova