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Japan's SBI, megabanks take stakes in blockchain group R3

New network for financial transactions promises to slash costs

In blockchain-based systems, users maintain transaction logs, comparing their own copy of records with their peers'.

TOKYO -- Japan's SBI Holdings and more than 40 financial institutions from around the globe have pledged some $107 million to R3, an American startup building a new network for financial transactions on the back of blockchain technology.

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