Mizuho Financial, IBM to test blockchain technology for settlements using virtual currency

Mizuho Financial Group and IBM (NYSE: IBM) have tested the potential of blockchain for use in settlements with virtual currency, the company said.

By incorporating blockchain technology into settlements with virtual currency, Mizuho will explore how payments can be instantaneously swapped, potentially leading to new financial services based on this rapidly evolving technology. The pilot project uses the open source code IBM contributed to the Hyperledger Project.

Mizuho is working with the newly-opened IBM Bluemix Garage in Tokyo, which offers IBM blockchain services, including blockchain application development using Bluemix, IBM´s cloud platform, and assessments to determine the best uses for blockchain within the enterprise and across various industries. Based on global insights across various industries and the experience of system development at Mizuho FG, IBM is helping the bank transform the design and development of business applications using blockchain.

IBM is working with hundreds of clients to understand what it takes to make blockchain ready for business. Through its open source contributions and resources for blockchain software developers, IBM is advancing the science of blockchain, helping to remove complexity and making it more accessible and open.