Hitachi Initiates Fintech & Blockchain Lab

Hitachi has just announced its plans to establish a FinTech lab at its Silicon Valley headquarters in California. The research and development will look at blockchain technology to further its innovation and collaborate with other financial institutions.

Also read: PwC Report: Blockchain Illiteracy Could Hurt Banks

In its press release announcement the company states:

“By establishing the Financial Innovation Laboratory in the Silicon Valley, Hitachi will accelerate research & development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions.”

Hitachi: Blockchain Technology a Core Part of the FinTech Industry

The Hitachi Group and its financial solutions operations will partner with existing businesses providing IT resources that help its customer base develop. With its current plan to R&D digital ledger technology, it will collaborate with CSI-NA for social innovation in the Santa Clara, California region. The firm says it had established CSI-NA in April of 2015 to connect with “strategic” partnership in the Americas. The new research facility was created in January 2016 and specializes in big data analytics, IT, and other collaborative projects.

The organization is a contributing member of the Linux foundation’s Hyperledger Project and added a board member in February 2016. Hitachi pulled in $81 billion USD in revenue in 2015 and believes in technological development. It has focused its energy towards social business, telecommunications, and healthcare while still maintaining an automobile and construction machinery market.

The corporation initially participated in the emergence of the FinTech sector with its “Hitachi Mobile Cash Card Service.” The Japanese service allows customers to use smartphones as cash cards for financial transactions. Hitachi says of its new Silicon Valley financial technology operation:

“Operations are expected to commence from April 2016. The new organization will work together with CSI-NA in areas such as research & development of blockchain technology, a core technology of FinTech, and on collaborative creation with financial institutions.”

When Hitachi joined the Hyperledger Project, it explained that it would “continuously invest resources” to help progress the projects advancements. The company is entering new business areas and “obtaining regional portfolios through acquisitions,” and has a lot of faith in financial technology. With the blockchain being a “core” part of this industry, the corporate conglomerate wants to learn its attributes.

What do you think about Hitachi researching blockchain technology? Let us know in the comments below!

Images courtesy of Pixbay and Wiki commons.