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Japanese Internet Giant to Adopt Blockchain in New Banking System

GMO Internet Inc., a Japanese internet services firm, has recently introduced a new internet banking enterprise that focuses on the use of blockchain in its core technology.

Since 2016, this pipeline project has been ongoing through the ‘GMO Aozora Net Bank,’ where the joint investors include GMO Internet, GMO Financial Holdings, and Aozora Bank.

As previously announced, the blockchain will be featured as a key element of the new partnership, along with sophisticated technologies, involving artificial intelligence (AI), and the Internet of Things (IoT).

GMO noted this new endeavor has a high potential to advance corporate value in the future.

Finance Feeds reported the new banking strategy will be available to GMO’s corporate and retail clients. This involves core banking services like deposits and exchange for e-commerce enterprises and providing products created with partner securities companies.

The Tokyo-based internet provider noted ¥43.705 billion ($387.5 million) was recorded in net sales in Q1 2018, up by 17.5% from last year.

GMO’s move to improve the blockchain technology at the core of its new internet banking system is keeping with its significant investments in the crypto and blockchain sphere.

Previously, it has started operating its own GMO Coin crypto exchange, a huge mining operation, and began paying partly the staff payslips using Bitcoin (BTC).

In March this year, GMO Coin noted it will enhance its data security after its local regulators found its shortcomings in a cross-industry investigation after the high-profile $530 million hack of Coincheck, a Japanese exchange, in January.

Just recently, the firm said it will be launching ‘CryptoChips,’ a Bitcoin-based application for in-game rewards sometime this August.

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