Japanese Internet Company GMO To Integrate Blockchain In Its Upcoming Online Banking Venture

The major Japanese internet service provider GMO Internet inc. has recently extended its business enterprise by venturing into internet banking operations, GMO has expressed that they are going to include the much hyped about blockchain technology in its system among other cutting-edge technologies such as AI and IoT to extend latest technological benefits to its customers.

This project was reportedly in the works since 2016 when they launched the ‘GMO Azozora Net Bank’ as a joint venture with other financial holdings. This new banking strategy from GMO will extend its operations to its retail and corporate customers, offering streamlined core banking operations such as deposits and exchange to e-commerce businesses as well as offer its products developed with various security firms.

The blockchain technology is a globally spread decentralised system of database management and has immense potential in the present day of Internet of Things, it is already used by highly popular services such as cryptocurrencies i.e. Bitcoin.

It is apparent that GMO has been aiming to present the blockchain technology to the forefront of its internet banking infrastructure by its significant prior investments in blockchain and crypto space. They also have a running cryptocurrency operation called ‘GMO Coin’ and a portion of the company employees are already receiving their payslips in Bitcoins (BTC). Their homegrown GMO Coin intends to offer added security to the already highly contested cryptocurrency space.

With the implementation of the blockchain technology into their internet banking system GMO inc. is also planning to offer payment settlements via blockchain, their new banking entity called the ‘GMO Azozora Net Bank’ has mentioned that they plan to integrate fintech and IT to deliver a new financial services along with the leverage of advanced security services, which include IoT and artificial intelligence to compete in the market.

According to latest inputs, the newly formed bank has expressed that they are intending to develop a new payment settlement system utilising the blockchain technology to deliver safer and more cost-effective payment and financial solutions to gain more customers that this new player is intending to gain.