A group of 34 financial and technology companies have established the first blockchain organization in Japan. Named Blockchain Collaborative Consortium, the association is formed to drive research, development and investment in the distributed ledger technology.
The organization’s founding members include Microsoft Japan, BtcBox Co., Tech Bureau Corporation, BASE, Fidel Technologies KK, Bitbank, blockchain app production firm ConsenSys, as well as a range of Japanese startups.
The Blockchain Collaborative Consortium aims at educating people about blockchain and the opportunities it offers. The technology is mostly associated with bitcoin, but it can be used across other industries, including IT, retail and government.
Until now, there has been little information from Japan about blockchain developments. The organization intends to help the country remain competitive and facilitate the development of local distributed ledger applications.
“We will coordinate with other blockchain organizations around the world. We will bring home what we learn from overseas, and as a leading country of blockchain technology, we will disseminate our expertise and experience globally,” the consortium stated in a press-release.
The organization plans to become a general incorporated association by the end of the year, as it is now registered as a voluntary organization. The first Board Meeting is to take place in May, while the first General Meeting will be held in late June.
The form of the logo demonstrates how the technology will develop and move forward. For BC, the organization chose the orange color, which is often used for Bitcoin. The other two colors, blue and green, show the group’s collaborative promotion and harmony.
The Blockchain Collaborative Consortium is similar to R3CEV, the blockchain group formed to increase blockchain adoption in the payments industry. The consortium includes more than 40 banks and financial companies, such as Goldman Sachs, JPMorgan Chase and Microsoft.
Still, R3CEV is open for new collaborations and is looking for partnerships with people experienced in banking technology and havingpassion for the blockchain technology.
During the recent Blockchain & Distributed Ledger Conference, the R3CEV consortium announced it is working on the development of eight different proofs-of-concept aimed at using the distributed ledger to regulate financial transactions.
In view of the growing blockchain popularity, industry members are starting to realize there is a need for proper regulatory framework. Earlier this month, four bitcoin trade organizations, including the US Chamber of Digital Commerce and the UK Digital Currency Association, launched the Global Blockchain Forum to help establish blockchain policy.