IBM is working with a Japanese securities firm on a new blockchain pilot focused on developing the foundations for a next-generation bond trading system.

IBM and SBI Securities, a subsidiary of SBI Holdings, are looking to create new mechanisms for trading bonds, using IBM’s Hyperledger blockchain as a basis for the trials. The goal of the collaboration between SBI and IBM is to test commercially viable platforms for blockchain-based bond trading.

The two firms aren’t the only ones testing this particular use cases. Several companies have explored using the technology to facilitate the trade of catastrophe bonds, while others have looked at developing different kinds of bond exchange platforms.

Hiroyuki Ogawa, chief executive for SBI Securities, said in a statement:

“This test aims to scrutinize barriers or complexity for practical use, develop a plan for deployment, and accumulate knowledge through applying blockchain technology to our products.”

SBI Holdings, through its subsidiary SBI Investments, has acquired stakes in firms like Japanese bitcoin exchange bitFlyer. SBI Holdings also took part in Ripple’s $55m Series B funding round, announced last month, and later partnered with Ripple to launch a new business aimed at pitching the startup’s technology to markets in Asia.

The project is the latest trial of its kind announced by IBM, which has been working with a variety of international firms to test applications of the technology. Earlier this week, IBM announced that it is working with Walmart to test a supply chain application focused on China’s huge pork market.

Image via Shutterstock

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