NRI says it will kick off the project in collaboration with the Japanese securities house and a number of unidentified startups later this month.

The results will be used to examine opportunities for practical application after the study is completed in January 2016, says the firm.

"Financial and technology sectors are becoming increasingly linked," says the IT house in a brief statement. "The unique value created by the merger of existing business with advanced technologies and services provided by new ventures, such as blockchain, is a large area of interest for the financial services industry in Japan and worldwide.

Earlier this month, a consortium of 22 global banks - including Mitsubishi UFJ Financial Group - confirmed their participation in an initiative to create a set of global standards for the use of distributed ledger technology in financial markets.

Separately, Fidelity Investments has thrown its weight behind a blockchain hackathon in Dublin organised by local consultancy Chainsmiths. The event, which aims to put Ireland on the map as a global centre for research into the application of blockchain technologies in financial services has attracted 150 participants who will be battling it out for EUR10,000 in prize money.

Aidan Kenny, VP of innovation, process excellence & applied technology at Fidelity Ireland says: "Blockchain technology has the potential to become one of the most significant innovations the global financial services ecosystem has seen. Fidelity Investments Ireland is delighted to sponsor this event and to play a key role in supporting participants.”