Blockchain Market in Japan
A blockchain also written as block chain is a database dispersed to help ensure increasing list or recorded data secured against alterations and amendment. More so, blockchain is generally known as bitcoin’s technical innovation serving as the general financial record book for entire bitcoin transactions. Another thing you should know is that blockchain is simply digital ledger that records all transactions made with bitcoin. With the cryptograph protection used to protect blockchain, it is known to be difficult or even impossible to break the block chain and gain access to digitally recorded information in the ledger.
What You Need To Know About Blockchain Market in Japan
The need to initiate new business models as well as ideas in the bitcoin trading is among the things that bring about the need for blockchain market. More so, blockchain is among the innovative technologies watched closely by financial communities in the entire world according to the head of New Business Development of Japan Exchange Group Atsushi Santo. The reason why Japan wants to introduce blockchain market in cryptocurrency trading like bitcoin and others is to find out the possible financial limitations as well as the potential of both post-trading services as well as volume traffic through complete utilization of IBM global sources such as Tokyo and IBM researches.
The Decision of FSA to Introduce Blockchain Market in Japan
The FSA also known as Financial Service Agency held a crucial meeting at the beginning of this month where the regulatory body’s representatives contributed to a conversation on guiding principle on an application of blockchain market in Japanese financial market. Also, the Federal Service Agency is working hard to ensure that Asia becomes the head in the application of blockchain into the financial market. To enhance adoption of blockchain into Japanese financial market as well as digital currency International affair vice minister Masamichi Kono suggested for a risk-oriented approach.
Japan Exchange Group Announced Their Agreement with IBM to Test prospect of Blockchain
In a bid to strengthen all fiat and digital financial market, Japanese government through the Exchange Group has announced their agreement with IBM to try the potential of blockchain technology for trading in low transaction market. One thing about blockchain is that it can help to reduce complexity, cost as well as trading speed and the process of settlement for securities trading organizations in a significant way. Also, being a digital technology its introduction into Japanese crypto currency exchange is going to bring about the enhancement of the market within a short time.
The First Japanese Blockchain Industry Organization Established
To improve security and effectiveness in the cryptocurrency exchange, Japan Government has launched blockchain industry organization. The name of this newly introduced industry organization for blockchain is Japan Blockchain Association (JBA) and Blockchain Collaborative Consortium. There are renowned companies that made up this newly established organization, and they are the companies that are concerned in development, research as well as the implementation of Blockchain technology in Japan. Also, the aim of this group is to increase campaign of blockchain technology in Japan. Coincheck is also a member of Japan Blockchain Association.