var TRINITY_TTS_WP_CONFIG={“cleanText”:”Japan: MUFG, Fujitsu, NTT Data form consortium decentralized identity project.u23f8Private Japanese firms have begun exploring decentralized identities, forming a consortium to spearhead the joint effort.u23f8Eight firms came together tou00a0launchu00a0a digital identity (DID) and verifiable credential (VC) co-creation consortium (DVCC) to explore new use cases. The firms include banking giant MUFGu00a0(NASDAQ: MUFG),u00a0law office Anderson Mori and Tomotsune, and several Web3 firms, including Fujitsuu00a0(NASDAQ: FJTSF), ITOCHUu00a0(NASDAQ:ITOCF), TOPPAN Digital, and NTT Datau00a0(NASDAQ:NTTDF).u23f8The consortium will pursue self-sovereign identity functionalities, allowing users greater control over their details. The privately run DID project could have several uses in the local economy, including streamliningu00a0Know Your Customer (KYC) processesu00a0in finance.u23f8The initial group of firms participating in the DID project encourages other companies to join the consortium. The consortium cast a wide net, urging educational firms, blockchain-based companies, and financial service providers to join the league.u23f8The participation of Japan’s largest commercial bank confirms speculation that the product will have applications in financial markets. There are also whispers that the DID project could play a central role in digital securities and digital currencies, especially with the KYC process involving stablecoins.u23f8Japan’s stablecoin rules took effect in June, allowing financial institutions to issue stablecoins. With the new legal and regulatory clarity, MUFG moved to buildu00a0Progmat Coin, a platform designed to support the issuance of stablecoins on several publicly distributed ledgers like Ethereumu00a0(NASDAQ: ETH), Polygonu00a0(NASDAQ: MATIC-USD), and Avalancheu00a0(NASDAQ: AVAX-USD).u23f8Although the project hasn’t gone live, the issuance platform hasu00a0onboardedu00a0several Japanese entities, the latest being banking behemoth Mizuho Financial Groupu00a0(NASDAQ: MZHOF).u23f8Apart from finance, pundits submit that a digital identity project will have application in theu00a0metaverse, allowing users to “build genuine societies” while exercising control over the data they choose to share. Fujitsu, MUFG, and TOPPAN are founding members of the Japan Metaverse Economic Zone, a consortium exploring Web 3 and metaverse interoperability.u23f8Digital identity triggers regulatory stormu23f8As digitization seeps into every facet of the global economy, digital IDs are quickly becomingu00a0popular, with the Philippinesu00a0Twala, the National Payment Corporation of India (NPCI), and Argentina exploring solutions in the area.u23f8Privately run digital ID offerings like Worldcoin have triggered a regulatoryu00a0clampdownu00a0in several jurisdictions, withu00a0Kenya, Germany, and Argentina moving against the iris-scanning project. They argue that the project’s data collection and handling methods may violate existing legal provisions, with Worldcoin denying any wrongdoing.u23f8Watch The Bitcoin Masterclasses: Using Distributed Hash Tables to create truly decentralized networksu23f8″,”headlineText”:”Japan: MUFG, Fujitsu, NTT Data form consortium decentralized identity project”,”articleText”:”Private Japanese firms have begun exploring decentralized identities, forming a consortium to spearhead the joint effort.u23f8Eight firms came together tou00a0launchu00a0a digital identity (DID) and verifiable credential (VC) co-creation consortium (DVCC) to explore new use cases. The firms include banking giant MUFGu00a0(NASDAQ: MUFG),u00a0law office Anderson Mori and Tomotsune, and several Web3 firms, including Fujitsuu00a0(NASDAQ: FJTSF), ITOCHUu00a0(NASDAQ:ITOCF), TOPPAN Digital, and NTT Datau00a0(NASDAQ:NTTDF).u23f8The consortium will pursue self-sovereign identity functionalities, allowing users greater control over their details. The privately run DID project could have several uses in the local economy, including streamliningu00a0Know Your Customer (KYC) processesu00a0in finance.u23f8The initial group of firms participating in the DID project encourages other companies to join the consortium. The consortium cast a wide net, urging educational firms, blockchain-based companies, and financial service providers to join the league.u23f8The participation of Japan’s largest commercial bank confirms speculation that the product will have applications in financial markets. There are also whispers that the DID project could play a central role in digital securities and digital currencies, especially with the KYC process involving stablecoins.u23f8Japan’s stablecoin rules took effect in June, allowing financial institutions to issue stablecoins. With the new legal and regulatory clarity, MUFG moved to buildu00a0Progmat Coin, a platform designed to support the issuance of stablecoins on several publicly distributed ledgers like Ethereumu00a0(NASDAQ: ETH), Polygonu00a0(NASDAQ: MATIC-USD), and Avalancheu00a0(NASDAQ: AVAX-USD).u23f8Although the project hasn’t gone live, the issuance platform hasu00a0onboardedu00a0several Japanese entities, the latest being banking behemoth Mizuho Financial Groupu00a0(NASDAQ: MZHOF).u23f8Apart from finance, pundits submit that a digital identity project will have application in theu00a0metaverse, allowing users to “build genuine societies” while exercising control over the data they choose to share. Fujitsu, MUFG, and TOPPAN are founding members of the Japan Metaverse Economic Zone, a consortium exploring Web 3 and metaverse interoperability.u23f8Digital identity triggers regulatory stormu23f8As digitization seeps into every facet of the global economy, digital IDs are quickly becomingu00a0popular, with the Philippinesu00a0Twala, the National Payment Corporation of India (NPCI), and Argentina exploring solutions in the area.u23f8Privately run digital ID offerings like Worldcoin have triggered a regulatoryu00a0clampdownu00a0in several jurisdictions, withu00a0Kenya, Germany, and Argentina moving against the iris-scanning project. They argue that the project’s data collection and handling methods may violate existing legal provisions, with Worldcoin denying any wrongdoing.u23f8Watch The Bitcoin Masterclasses: Using Distributed Hash Tables to create truly decentralized networksu23f8″,”metadata”:{“author”:”Wahid Pessarlay”},”pluginVersion”:”5.7.4″}; |
Private Japanese firms have begun exploring decentralized identities, forming a consortium to spearhead the joint effort.
Eight firms came together to launch a digital identity (DID) and verifiable credential (VC) co-creation consortium (DVCC) to explore new use cases. The firms include banking giant MUFG (NASDAQ: MUFG), law office Anderson Mori and Tomotsune, and several Web3 firms, including Fujitsu (NASDAQ: FJTSF), ITOCHU (NASDAQ:ITOCF), TOPPAN Digital, and NTT Data (NASDAQ:NTTDF).
The consortium will pursue self-sovereign identity functionalities, allowing users greater control over their details. The privately run DID project could have several uses in the local economy, including streamlining Know Your Customer (KYC) processes in finance.
The initial group of firms participating in the DID project encourages other companies to join the consortium. The consortium cast a wide net, urging educational firms, blockchain-based companies, and financial service providers to join the league.
The participation of Japan’s largest commercial bank confirms speculation that the product will have applications in financial markets. There are also whispers that the DID project could play a central role in digital securities and digital currencies, especially with the KYC process involving stablecoins.
Japan’s stablecoin rules took effect in June, allowing financial institutions to issue stablecoins. With the new legal and regulatory clarity, MUFG moved to build Progmat Coin, a platform designed to support the issuance of stablecoins on several publicly distributed ledgers like Ethereum (NASDAQ: ETH), Polygon (NASDAQ: MATIC-USD), and Avalanche (NASDAQ: AVAX-USD).
Although the project hasn’t gone live, the issuance platform has onboarded several Japanese entities, the latest being banking behemoth Mizuho Financial Group (NASDAQ: MZHOF).
Apart from finance, pundits submit that a digital identity project will have application in the metaverse, allowing users to “build genuine societies” while exercising control over the data they choose to share. Fujitsu, MUFG, and TOPPAN are founding members of the Japan Metaverse Economic Zone, a consortium exploring Web 3 and metaverse interoperability.
Digital identity triggers regulatory storm
As digitization seeps into every facet of the global economy, digital IDs are quickly becoming popular, with the Philippines Twala, the National Payment Corporation of India (NPCI), and Argentina exploring solutions in the area.
Privately run digital ID offerings like Worldcoin have triggered a regulatory clampdown in several jurisdictions, with Kenya, Germany, and Argentina moving against the iris-scanning project. They argue that the project’s data collection and handling methods may violate existing legal provisions, with Worldcoin denying any wrongdoing.
Watch The Bitcoin Masterclasses: Using Distributed Hash Tables to create truly decentralized networks
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