Blockchain technology is gaining more positive attention from different business types all over the world. Whereas this technology will first and foremost be used in the financial sector, other users cases are being discovered on a regular basis. Mizuho Financial Group, a major player in the Japanese financial market, has signed a strategic deal with Cognizant, a well-known company. The result of this partnership will see blockchain technology being used for record keeping of documents.
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Mizuho Financial Group Records Storage
It goes without saying distributed ledger technologycan serve a multitude of purposes that transcend the realm of traditional finance. Recording transactions between parties is just one of the many examples of what this innovation is capable of, and it is good to see companies exploring other options.
The partnership between Cognizant and Mizuho Financial Group will tackle the issue of storing company records. With multiple offices throughout the world, Mizuho Financial Group has been looking at alternative options to store their files in a distributed way, while still allowing the files to be accessed from all offices.
Blockchain technology seems to make a lot of sense in that regard, as this distributed ledger concept will secure the records stored by Mizuho Financial Group. Any information recorded on the blockchain can not be tampered afterwards, creating a very robust and irrefutable proof of any document or record.
While financial details of the partnership were not disclosed at the time of publication, the goal is for Cognizant to develop a blockchain solution for Mizuho customers. Doing so will require Cognizant to combine their expertise in consulting, financial services, and digital technology, as creating a blockchain solution from scratch is not an easy task.
Using distributed ledger technology will allow Mizuho to let customers and counterparties to sign and exchange sensitive documents in a secure environment. The added layer of transparency, combined with more efficient verification procedures and cheaper technological solutions make the blockchain a perfect solution to tackle this problem.
Moreover, Mizuho Financial Group is one of the front runners in Japan when it comes to embracing blockchain technology. Primarily financial groups stand to gain a lot from using this technology in the future, and the decision by Mizuho to explore distributed ledgers is a vote of confidence for the digital currency ecosystem
Competing With Factom And Storj
It may seem strange for Mizuho Financial Group to partner with Cognizant to create a brand new blockchain-based solution for record keeping. Few companies have been working tirelessly to bring such a solution to businesses all over the world. Factom and Storj are two of the most notable projects using the blockchain for record keeping and storage.
The way Factom operates is by using Bitcoin technology to change the way businesses manage data and store their files. This type of technology can be utilized for various purposes, including maintaining medical records, legal applications, and transferring ownership of physical and digital assets.
Storj, on the other hand, is looking more at things from a cloud=replacement perspective. Instead of storing one’s data on centralized servers in one part of the world, Storj uses blockchain technology to store various copies of data on whichever computers in the network have available hard disk space. Users who share their hard drive space are rewarded for being part of the network, creating a very versatile ecosystem.
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