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Finance

Japanese bank organization seeks common blockchain platform

Industry body to promote trials of distributed database systems

TOKYO -- The Japanese Bankers Association will work to provide a common basis for members to experiment with the technology that underpins virtual currencies like bitcoin, possibly leading to cheaper, more convenient financial services.

The effort announced Thursday by the association seizes on the potential of blockchains -- distributed ledgers, or databases, that allow transactions to be recorded and monitored through peer-to-peer networks.

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