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New SoftBank system puts consumer data on the blockchain

Tech giant aims to give lenders reliable data on borrowers

TOKYO -- SoftBank Group has developed a system for managing personal financial information using blockchain, the technology underpinning such cryptocurrencies as bitcoin.

The system will give financial institutions access to rent payment histories and property information from Tokyo-based Insite. Lenders can use this information -- spanning some 170,000 records per month -- to help determine a potential borrower's ability to pay, simplifying a time-consuming process that usually requires confirming such information as the applicant's income and bank account details.

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