Sumitomo Mitsui Financial Group Joins the Open Invention Network Community

DURHAM, N.C., June 23, 2020 (GLOBE NEWSWIRE) — Open Invention Network (OIN), the largest patent non-aggression community in history, announced today that Sumitomo Mitsui Financial Group, Inc. (SMFG) has joined as a community member. SMFG is one of the largest financial institutions headquartered in Japan, with an established presence across all consumer and corporate banking businesses. Focused on digital innovation through fintech and open innovation, SMFG harnesses open source technology to meet its clients’ financial needs. By joining OIN, SMFG is demonstrating its commitment to patent non-aggression in open source software (OSS), a key component in its banking platforms and applications.

“The financial services and fintech industries are increasingly relying on open source technologies, including blockchain technologies such as Hyperledger. Global leaders that recognize the benefits of open source technologies are building robust feature-rich platforms to make them more effective for commercial and consumer clients,” said Keith Bergelt, CEO of Open Invention Network. “We are pleased that SMFG has joined our community and committed to patent non-aggression in Linux and adjacent open source technologies.”

SMFG stated, “As a global solutions provider that grows with customers and society through the highest level of trust, SMFG is committed to creating businesses that transcend the boundaries of finance and resolving issues. In order to further promote this effort and quickly deliver high added-value services to our customers and society, SMFG believes that the utilization of open source software will be essential. Also, in promoting OSS utilization, SMFG believes that measures to protect intellectual property rights are important. Through joining the OIN, SMFG hopes to deepen our understanding of the OSS community and contribute to the development of OSS.”

OIN’s community practices patent non-aggression in core Linux and adjacent open source technologies by cross-licensing Linux System patents to one another on a royalty-free basis. Patents owned by OIN are similarly licensed royalty-free to any organization that agrees not to assert its patents against the Linux System. The OIN license can be signed online at http://www.j-oin.net/.

About Hyperledger

Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in finance, banking, healthcare, supply chains, manufacturing and technology. Hyperledger hosts many enterprise blockchain technology projects including distributed ledger frameworks, smart contract engines, client libraries, graphical interfaces, utility libraries and sample applications. All Hyperledger code is built publicly and available under the Apache license. The Linux Foundation hosts Hyperledger under the foundation. To learn more, visit https://www.hyperledger.org/.

About Sumitomo Mitsui Financial Group, Inc. (SMFG)

SMFG is one of the largest financial institutions headquartered in Japan, with an established presence across all consumer and corporate banking businesses. Through the subsidiaries and affiliates, SMFG offers a diverse range of financial services, including commercial banking, leasing, securities, credit card, consumer finance and other services. SMFG’s consolidated total assets were ¥ 212.4 trillion as of December 31, 2019.

About Sumitomo Mitsui Banking Corporation (SMBC)

SMBC is a commercial banking entity within SMBC Group and is one of the largest commercial banks globally on the basis of total assets. It provides an extensive range of corporate and consumer banking services in Japan and globally.

About Open Invention Network

Open Invention Network (OIN) is the largest patent non-aggression community in history and supports freedom of action in Linux as a key element of open source software (OSS). Patent non-aggression in core technologies is a cultural norm within OSS, so that the litmus test for authentic behavior in the OSS community includes OIN membership. Funded by Google, IBM, NEC, Philips, Sony, SUSE and Toyota, OIN has more than 3,200 community members and owns more than 1,300 global patents and applications. The OIN patent license and member cross-licenses are available royalty-free to any party that joins the OIN community.

For more information, visit http://www.openinventionnetwork.com.

Media-Only Contact:

Ed Schauweker

AVID Public Relations for Open Invention Network

ed@avidpr.com

+1 (703) 963-5238


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Japanese shipping company, IBM are testing Blockchain in cross-border trade

According to the company, the “demo test” will see real-time trading transactions performed using a blockchain-based application. The project will see trade agreements, material and insurance documents, as well as digitized, stored and distributed among participants, which will bring a number of advantages over traditional trading systems.

In an effort to improve competitiveness and develop new products using the technology, IBM Japan, the Japanese Research Institute, the Sumitomo Mitsui Financial Group (SMFG), the Sumitomo Mitsui Banking Corporation and other parts of the Mitsui Group are participating in the MOL project.

In the proof-of-concept will be used the structure of the Hyperledger Fabric blockchain framework, developed by the Linux Foundation-led Hyperledger blockchain consortium.

SMFG was recently found among a group of Japanese financial institutions that successfully tested a prototype using distributed ledger technology (DLT) to optimize international transaction agreements. That work used DLT startup consortium R3’s Corda software to optimize the negotiation of the ISAD Master Agreement.

In September, it was announced the creation of a joint venture between the shipping giant Maersk, Microsoft and the audit firm EY, whose goal is applying blockchain technology in the field of marine insurance. Built using Microsoft Azure, the effort will be focused on creating a common database that records information about shipments, as well as potential risks, to help companies comply with insurance rules.

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Japanese financial and tech titans to trial blockchain for cross-border trade operations

Leading Japanese financial and technology companies have announced a demonstration test to verify the applicability of blockchain technology for enhancing cross-border trade operations.

Participating companies include Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), The Japan Research Institute (JRI), Mitsui & Co., Mitsui O.S.K. Lines (MOL), Mitsui Sumitomo Insurance Company (MSI) and IBM Japan. They have agreed to start the demonstration test this month.

In the demonstration test, the participating companies will input information of real trade transactions using a blockchain-based application, which will digitize, record, and share the documents among participants.

The test would compare a blockchain-based system against existing process to verify the effectiveness of the technology for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs. It will also look into the potential for commercialization and will evaluate the technology for its viability in cross-border trade business operations.

The demonstration test will use Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects.

MOL with partners agree to start a demonstration test of blockchain technology in cross-border …

Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, The Japan Research Institute, Limited, Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., Mitsui Sumitomo Insurance Company, Limited and IBM Japan, Ltd. have agreed to start a demonstration test in December 2017 to verify the applicability of blockchain technology as a way to streamline and upgrade cross-border trade operations, MOL said in its press release.

In the demonstration test, participating companies input information of real trade transactions using a blockchain-based application, by which a wide variety of documents, including trade agreements and logistics/insurance documents are digitized, recorded and shared among participants. By comparing against current operations, the test is intended to verify the effectiveness of blockchain technology for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs. Further, looking to commercialization, the technology will be evaluated for its viability in cross-border trade business operations.

SMFG, SMBC, and JRI aim to use new information technologies proactively, thereby adapting to an increasingly fast-changing environment, and ultimately to become a more competitive and innovative financial group and continuously upgrade the quality of customer service. The demonstration test was planned with Silicon Valley Rep. Office. that conducts research on new technologies based on the PoC SMBC announced in February 2017. Through the application of blockchain technology to the safe-keeping of legal information, SMFG is committed to adding value and offering innovative new financial products and services.

Mitsui & Co. provides trading services, offering safe and optimized delivery of goods and services desired by customers worldwide. In the demonstration test, the company aims to combine the experience and know-how gained from its long-standing global trading business with the cutting-edge blockchain technology, and achieve better productivity in trade transactions and gain new business opportunities.

MOL group is a leading global marine transportation operator. As a provider of integrated transportation services, the group, meeting diverse needs for transportation, has earned a global reputation for safety. MOL is expected to offer related expertise to the demonstration test, and aims to become the corporate group that customers think of first when they choose a logistics business partner, by drawing upon ICT technologies to enhance its services.

MSI’s business offers safety and security to resolve various social challenges. The company, through this trade platform, aims to provide services developed using advanced technologies, such as blockchain and IoT.

Seeking to develop various business applications that meet the business sector’s demand for high-level security, IBM participates in Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies hosted by The Linux Foundation. The demonstration test will use Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects.

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