TOKYO -- Japanese brokerages are launching a consortium dedicated to driving the adoption of blockchain and other innovative technologies in the industry, with the goal of boosting efficiency and providing more convenient services to their customers.

The group's 18 founding members include online players like SBI Securities and Rakuten Securities, as well as conventional brokerages like Nomura Securities and Daiwa Securities.

SBI Holdings unit SBI Ripple Asia will be the lead organizer for the group. It will hold one or two working meetings a month, as well as carry out proof-of-concept tests on cutting-edge technologies. The group aims to cut costs through industry-wide cooperation.

Specifically, the consortium is looking into a shared log-in mechanism for brokerage accounts for customers that uses biometrics and other personal identification information, as well as using artificial intelligence to screen trading activity. This could result in greater convenience for retail investors, since they will no longer need to input their usernames and passwords, or send personal information to brokerages every time they want to open a new account.

SBI Ripple Asia has also launched consortiums in the past for the use of blockchain and other cutting-edge technologies in the banking and credit card businesses.