A senior executive at one of Japan’s most notable banking groups, the Sumitomo Mitsui Banking Corporation (SMBC), has taken up the role of blockchain technology in the world of finance – and took the responsibility that businesses are now shifting away from business-to-consumer (B2C) offerings in favor of business-to-business (B2B) alternatives.
SMBC, which has assets worth over two trillion dollars, per last year’s financial statement, is the only Japanese bank to join the Marco Polo Network blockchain drive. This trade financing platform also comprises the Bank of America, BNP Paribas, Commerzbank, and ING.
Japanese media outlet SBB+IT cited SMBC’s Deputy President and Head of Global Business Masahiko Oshima as asserting that while cryptoasset-related actions established B2C business, “in recent years, blockchain has steadily expanded into the field of B2B transactions.”
The executive spoke at a blockchain event co-organized by the regulatory Financial Services Agency and the Nikkei media group.
He affirmed that blockchain approval would help banks provide better services and boost internal operations’ efficacy.
“IT has brought about major changes to the way we live and do business in a number of business sectors. In the financial industry, we will add new value for our customers by actively incorporating new technologies such as blockchain. We are focusing on improving productivity by improving the efficiency of the way we work.”
Oshima continued that “enterprise blockchain” initiatives had the power to transform numerous business sectors, “especially in the world of finance.” He gathered that the full effect of banks’ blockchain-related moves would likely be felt a decade from now, as banks tend to take a long-term view when it comes to business development.