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Japan's brokerages joining to adopt blockchain

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Sorry if this is not the ripple(usa)

https://asia.nikkei.com/Tech-Science/Tech/Japan-s-brokerages-joining-to-adopt-blockchain?n_cid=NARAN1507

this article is just fresh one from this morning in japan and it mentions sbi ripple asia.. and ripple asia is leading consortium.

And if any ripple employee can answer whether it is ripple(usa) does work on it or it is just ripple asia doing its own.

 

Edited by MDBK

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This is the article: asia.nikkey.com

January 30, 2018 4:34 am JST
Japan's brokerages joining to adopt blockchain
Consortium will use cutting-edge technologies to improve services

Nikkei staff writers
TOKYO -- Japanese brokerages are launching a consortium dedicated to driving the adoption of blockchain and other innovative technologies in the industry, with the goal of boosting efficiency and providing more convenient services to their customers.

The group's 18 founding members include online players like SBI Securities and Rakuten Securities, as well as conventional brokerages like Nomura Securities and Daiwa Securities.

SBI Holdings unit SBI Ripple Asia will be the lead organizer for the group. It will hold one or two working meetings a month, as well as carry out proof-of-concept tests on cutting-edge technologies. The group aims to cut costs through industry-wide cooperation.

Specifically, the consortium is looking into a shared log-in mechanism for brokerage accounts for customers that uses biometrics and other personal identification information, as well as using artificial intelligence to screen trading activity. This could result in greater convenience for retail investors, since they will no longer need to input their usernames and passwords, or send personal information to brokerages every time they want to open a new account.

SBI Ripple Asia has also launched consortiums in the past for the use of blockchain and other cutting-edge technologies in the banking and credit card businesses.

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I'm struggling to see how this integrates into Ripple's core-focus? Can someone explain? I think I'm missing something here, because I'm reading that they're just helping people not input passwords???? Is there really a need for this? I'm not familiar with this area so don't crucify me here. I'm actually curious. 

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1 hour ago, Atomic1221 said:

I'm struggling to see how this integrates into Ripple's core-focus? Can someone explain? I think I'm missing something here, because I'm reading that they're just helping people not input passwords???? Is there really a need for this? I'm not familiar with this area so don't crucify me here. I'm actually curious. 

As stated, the consortium is for (1) adoption of blockchain (2) other innovative technologies. IMHO, security is one of the key element/requirement in Japan so they throw in it in the agenda to achieve the goal of boosting efficiency and providing more convenient services. Perhaps to kill two birds with one stone. I'd think a key takeaway is "SBI and SBI Ripple will be the lead organizer". 

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Ok, so top down.... SBI bought a stake in Ripple (USA). SBI and Ripple then created a joint venture, SBI Ripple Asia (SBIRA), which sits within the SBI group. SBIRA's focus is of course on directly growing the Ripple/XRP business in Asia. But SBI is a set of companies that is growing an entire financial ecosystem including a dedicated new crypto ecosystem that will include Ripple/XRP but not be restricted to it. SBI are expanding in every direction within the Japanese finance world. 

To get a sense of this, run through the list of SBI businesses - http://www.sbigroup.co.jp/english/company/group/

That doesn't include the planned and upcoming crypto businesses that will include mining, brokerages, derivatives, etc. https://cryptostreet.co/new-cryptocurrency-related-businesses-for-sbi-group/

 

Edited by OzAlphaWolf

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