The Blockchain Collaborative Consortium (BCCC) has announced that it has expanded from its initial 34 founding member companies to the current 109 companies and organizations. A decision was also reached to inaugurate the Financial Services Subcommittee. The aim is to boost awareness of blockchain technology among financial institutions, where consideration of the adoption of blockchain technology is rapidly progressing.

The BCCC promotes the spread of blockchain technology in Japan. It was inaugurated on April 25, 2016, with objectives that included spreading and building awareness of blockchain technology, promoting its research and development, encouraging related investments, and collaborating with overseas blockchain organizations.

Since its inception, it has since been joined by blockchain user companies that are exploring the use of blockchain technology, such as financial institutions, manufacturing companies and companies in the service industry and system integrators who would apply blockchain technology to the information systems of user companies. The additions included financial institutions, such as Mitsui Sumitomo Insurance, Aozora Bank and Awa Bank, as well as Marubeni, Gurunavi and NCR Japan.

As more companies consider the adoption of blockchain technology, there has been a recent increase in the number of financial institutions joining the BCCC. Inquiries are also being received every day by the BCCC and member companies. In light of these circumstances, a decision was made to inaugurate the Financial Services Subcommittee in March 2017.

While supporting the provision of technology and information that match the needs of financial institutions, the Financial Services Subcommittee will operate as a forum for considering and spreading the application of blockchain technology to financial services operations. Activities will be specialized to the financial services industry to spread the use of blockchain technology as well as building awareness. They will include holding regularly scheduled study sessions, the provision of required information to financial institutions, information-sharing between participating subcommittee members, and the provision of technical advice from BCCC member companies possessing blockchain technology.

Going forward, the BCCC will also be developing measures and policies through its committees. It will continue hosting Blockchain Daigakko seminars and an educational program for blockchain technology as well as various seminars for the general public, engineers and mass media. Subcommittees specialized in industries and themes are also scheduled to be inaugurated. The BCCC will consider and promote the practical application of blockchain technology in accordance with the needs of various industries and themes.