OREANDA-NEWS. NEC Corporation (NEC; TSE: 6701) today announced the establishment of the "Blockchain Workshop" as part of the Incubation & Innovation Initiative (III), a cross-industrial consortium that includes NEC, Sumitomo Mitsui Banking Corporation and The Japan Research Institute, Limited.

NEC has been a member of III since its establishment in February 2016. The Blockchain Workshop studies the properties of Blockchain technology in order to maximize its utilization. Blockchain technology involves the use of encryption technology that is attracting attention due to its application in areas that include financial transactions and stock exchanges. Blockchain technology dispersion manages and synchronizes account book information such as transaction history, thereby helping to ensure that account books cannot be falsified. By the end of the first half of the 2016 fiscal year, the use of Blockchain technology is expected to be verified in an evaluation environment.

"Blockchain technology may be applicable to a wide range of industries," said Fumiaki Matsubara, senior vice president, Business Innovation Unit, NEC Corporation. "NEC's collaboration with III, whose members possess a variety of specializations, is expected to accelerate open innovation and to support reforms in finance and many other industries."