The partnership between Mizuho Financial Group and Cognizant will pave the way for increased adoption of blockchain technology, making recordkeeping more secure and improving the customer experience.
With NASDAQ and other financial institutions preparing to test blockchain applications, Mizuho Financial Group has partnered with Cognizant to develop a solution that will provide secure recordkeeping across all Mizuho companies.
Mizuho is a major player in the Japanese financial market, and this partnership will leverage blockchain to streamline the firm’s internal operations. For a company such as Mizuho – which has multiple offices around the world – the use of blockchain to store files makes a lot of sense. The technology will not just secure the records stored by Mizuho but critically will help the group keep track of its data by creating robust and irrefutable proof of any document that is amended.
Using blockchain will also allow Mizuho customers, counterparties, and group companies to exchange and sign sensitive documents in a secure and transparent manner. This will result in faster, more efficient multi-party verification signing processes, thus offering customers a superior experience.
In our view, using blockchain to record transactions is one of the most effective ways to utilize this technology. With this partnership Mizuho Financial Group reinforces its reputation as a frontrunner when it comes to embracing this technology, and the move is a vote of confidence in blockchain applications.
By Resham Karira, Retail Banking Analyst