Mizuho Financial Group Inc. (ADR) (NYSE:MFG) has announced that it has reached a strategic agreement with Cognizant, in order to develop a block chain solution for safeguarding the records of the company. As per the details of the agreement, the new solution would make future transactions more transparent, secure and efficient. As a result Mizuho customers would have a superior customer experience in its market. The announcement comes soon after Mizuho made a few changes to its management.
Recently, MFG appointed Salim Syed as the head of Biotechnology Research. Additionally, Haendel St. Juste, was appointed as the Managing Director of Real Estate Equity Research Analyst. Both individuals have had several years of experience working with Wall Street. John Koudounis, the president and CEO of MFG, expressed his delight at the appointment of the two new members and stated that their experience and in depth knowledge would help their respective departments gain success in the future.
The latest agreement with Cognizant is yet another step by the Mizuho management, towards improving its operations. Cognizant has been focused on improving its block chain technologies and has conducted extensive research in this regard. Furthermore, the company has been collaborating with several financial institutions to promote the use of block chain technologies. Mizuho is one of the first financial institutions to embrace this technology, which will give it an edge over its competitors.
Block chain technologies are being developed by Cognizant to enable customers of the financial institution to sign legal documents in a transparent yet secure manner. The New York and Tokyo offices of Mizuho would be the initial target for deployment and testing of these technologies. The President of Banking and financial services at Cognizant, Prasad Chintamaneni, stated that his company is further advancing its block chain technologies to include smart contracts and P2P transactions as well. He also confirmed that this technology would also be brought into use at the targeted Mizuho offices, which would reduce counterparty risks and improve regulatory reporting.
Mizuho Financial Group Inc. (ADR) (NYSE:MFG) completed the February 16 session, with a gain of 4.26% in its share value, to close at $2.94 per share.