Hitachi Financial Innovation Lab and Blockchain at NEXT 2019

By Hubert Yoshida posted 10-04-2019 06:05

  

Hitachi has established the Financial Innovation Laboratory at the Silicon Valley site of its Global Center for Social Innovation in Santa Clara, California. With digital technology rapidly becoming integral to our way of life, attention is being focused on FinTech. FinTech or Financial technology is used to describe innovative new technologies that seek to improve and automate the delivery and use of financial services and provide new value through the combination of financial services and IT. 

While the FinTech market in Japan has been very active, Hitachi has chosen to establish their Financial Innovation Lab in Silicon Valley to take advantage of being located in North America, home to many FinTech companies. Hitachi has extensive experience in the implementation of financial systems and is familiar with the latest digital technologies. This lab is located in the same building as Hitachi Vantara, where they will be able to leverage our customer relationships and skill sets to facilitate the delivery of advanced financial solutions and technology. 

One such technology is blockchain. The Financial Innovation Lab is a member of the board of the Hyperledger* Project that is jointly developing global de facto standard blockchain technologies.  They are also working on research and development to acquire a competitive advantage in areas like performance and security. This includes joint development with several financial institutions based on the blockchain for transactions such as issuing electronic checks or funds transfers. Proof of concept testing is also underway to facilitate the development of applied solutions by identifying the issues associated with the practical use of the blockchain as part of the financial infrastructure. They also have an initiative that utilizes the blockchain as an IoT platform and are looking into new applications that include combining collected data with technologies like big data analytics and artificial intelligence (AI).

The mechanism of the blockchain, where trust and transparency are maintained by holding distributed copies of a shared ledger, means that it can be used to build highly flexible and low-cost platforms that do not require management to be consolidated in a centralized system. There is scope for using these platforms in a wide variety of industries, not only finance. Blockchain technology is already maturing and is now ready for many enterprise use cases.

You can learn more about blockchain and the use cases that the Hitachi Financial Innovation Lab is working on by attending Hitachi’s NEXT 2019 event at The MGM Grand in Las Vegas, October 8-10. David Pinski, Hitachi Chief Strategist Financial Services and Director of the Financial Innovation Lab will be presenting a breakout session on what the Lab has learned over the past year and how we can benefit from Blockchain. Be sure to catch his sessions which has been standing room only at past NEXT events. David is an executive with experience in banking, technology and financial services at global companies and banks as well as building new products within the emerging FinTech Industry. He is also a technologist with 8 issued and 10 pending patents.

Financial Services: How You Can Benefit From Blockchain
David Pinski Hitachi Chief Strategist Financial Services.
Thursday, Oct 10th 11:00-11:45 am Room 157-160.

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10-07-2019 04:50

Such good version.