Aug. 15, 2017
NTT DATA Corporation
Tokyo, August 30, 2017, NTT DATA Corporation (hereinafter NTT DATA) will form “Consortium to develop trade data sharing platform using blockchain technology” with 13 major companies from various sectors involved in trade-related business including banking, insurance, integrated logistics, import and export, and others.
Trade procedures are time-consuming, as exchange of paper-based documents is required. This consortium aims to streamline processes for trade data sharing between verticals and businesses using blockchain technology.
It is the very first consortium ever launched in Japan that transcends across diverse industries in trade-related business*1.
Today, a certain part of data-sharing has been electronic, however exchange of trade documentations mostly remains paper-based between industries and businesses. Such paper-based procedures often require numerous manual work and could cause delays in delivery.
NTT DATA has already tested blockchain technology, one of the core FinTech technologies by completing two POCs*2 including Phase1 and Phase 2 for letter of credit transactions*3 and maritime cargo insurance policy respectively.*4
These pilot programs helped identify benefits and issues and demonstrated viability of applying blockchain technology to the entire trade procedures. Consequently, NTT DATA called for participation in the initiative from diverse sectors across the trade area and accordingly will launch a consortium to take these efforts to the next level as Phase 3 of developing a platform for trade-data sharing by leveraging blockchain technology.
Summary of this Consortium
This consortium is designed to explore solutions to the challenges in trade procedures between businesses, across industries and national boundaries as well as to conduct POCs for enhancing efficiency and reliability in trade procedures using blockchain.
Period of activity:
August 2017 to March 2018 (scheduled)
- Exploring solutions to issues to enable practical application
- Validation of the feasibility in real-life operations (studying expected efficiency benefits included)
- Examination on future possibilities to develop systems, etc.
Figure. Scope of activity of the consortium
Participant companies (Alphabetical order)
Companies listed below will participate in this consortium.
- Kawasaki Kisen Kaisha, Ltd. (“K” LINE)
- Marubeni Corporation
- Mitsui O.S.K. Lines, Ltd. (MOL)
- Mitsui Sumitomo Insurance Company, Limited
- Mizuho Financial Group, Inc./ Mizuho Bank, Ltd.
- Nippon Express Co., Ltd.
- NYK Line
- Sojitz Corporation
- Sompo Japan Nipponkoa Insurance Inc.
- Sumitomo Mitsui Banking Corporation
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- Tokio Marine & Nichido Fire Insurance Co., Ltd.
- Toyota Tsusho Corporation
The future plan
NTT DATA aims to create the new business ecosystem through activities conducted by the consortium, which will facilitate extremely efficient and reliable international trade.
- *1According to a survey by NTT DATA
- *2POC stands for Proof Of Concept, which means a positive attempt for demonstrating that a new concept, theory, principle, and the like can be realized.
- *3News release dated July 12, 2016: “Completion of Country’s First Demonstration Experiment on the Application of Blockchain to Trade Finance.” (Japanese only)
- *4News release dated April 26, 2017: “Completion of Demonstration Experiment on Application of Blockchain Technology to Insurance Policy.” (Japanese only)
For more information, please contact:
Business Strategy Department Financial Segment
Technology Strategy Promotion Section
NTT DATA Corporation
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