Cognizant To Develop Distributed Ledger Solution For Mizuho Financial

(RTTNews) - Cognizant Technology Solutions Corp. (CTSH) announced late Tuesday that it has been selected by Japan's Mizuho Financial Group (MFG) to develop a distributed ledger solution to make trade finance more efficient and secure.

Cognizant will use Corda, a distributed ledger platform developed by R3, a consortium of the world's largest financial institutions, to digitize trade documents such as letters of credit and bills of lading.

With this, Mizuho Financial Group and its customers will get a framework to explore the use of distributed ledger technology to reduce fraud, delays and other business risks arising from costly paperwork. It will provide enhanced visibility to all parties involved in the trade and transport value chain.