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Together, MUFG, Anderson Mori and Tomotsune, Fujitsu, and a few other Japanese-based firms have begun to explore decentralized identities. These private firms have <a href="https://www.ledgerinsights.com/mufg-fujitsu-ntt-data-japan-did-consortium-decentralized-identity/">launched a Decentralized Identity (DID) and verifiable credential (VC) co-creation consortium (DVCC).</a> Other members of the group are Hitachi, NTT Data, TOPPAN Digital,&nbsp;ITOCHU&nbsp;Tecno, and Hakuhodo Key. 
Noteworthy, the initial group of participants has encouraged other companies across different sectors including educational firms, blockchain-based companies, and financial service providers to join them in the consortium.&nbsp; 
<h2 id="b-exploring-several-use-cases-including-finance-b">Exploring Several Use Cases Including Finance</h2> 
The consortium is planning on jointly experimenting with several use cases including ensuring the interoperability of certain solutions that were developed by the participants. It is likely that they may choose to share infrastructure in the process. The DID project would also look at use cases in local economy like streamlining Know Your Customer (KYC) processes&nbsp;in finance. 
The feasibility of utilizing this project in the financial sector is further underscored by the participation of Japan’s largest commercial bank. There is also the plan to pursue self-sovereign identity functionalities which would eventually arm users with more control over their details. 
<h2 id="b-decentralized-identities-and-stablecoin-bill-b">Decentralized Identities and Stablecoin Bill</h2> 
Furthermore, there are some speculations that the Decentralized Identity project would play a crucial role in the digital securities and cryptocurrency sector. Already, the KYC process involves stablecoins and <a href="https://thecoinrise.com/japan-passes-stablecoin-bill-that-enshrines-investor-protection/">Japan has passed a stablecoin bill</a> that enshrines investors’ protection. The bill, which was passed in June after <a href="https://thecoinrise.com/japan-on-the-way-to-follow-the-u-s-for-stricter-regulations-on-stablecoins/">that of the U.S</a>, seeks to safeguard investors from the volatility of stablecoins. 
The provision of such a clear regulatory framework for stablecoin issuers in Japan has prompted companies to release their tokens. Precisely, MUFG has designed a platform&nbsp; dubbed <a href="https://thecoinrise.com/mufg-unveils-progmat-coin-to-promote-cross-blockchain-stablecoin/">Progmat Coin</a> which support the issuance of stablecoins on several publicly distributed ledgers like Ethereum&nbsp;(ETH), Polygon (MATIC-USD), and Avalanche&nbsp;(AVAX-USD). 
The Progmat Coin platform is yet to go live but it has onboarded several Japanese entities including Mizuho Financial Group, a banking giant.&nbsp; 
<h2 id="b-did-project-may-include-metaverse-b">DID Project May Include Metaverse</h2> 
Again, many people strongly believe that there would be an application for the project in the metaverse where users would be able to come up with “genuine societies”&nbsp;while still holding control over the data they chooses to make public. This may not be far from reality as Fujitsu, MUFG, and TOPPAN are founding members of the <a href="https://thecoinrise.com/japans-push-for-digital-transformation-to-include-metaverse/">Japan Metaverse Economic Zone</a>.&nbsp; 
The post <a rel="nofollow" href="https://thecoinrise.com/japanese-based-firms-liaise-to-explore-decentralized-identity-innovation/">Japanese-based Firms Liaise to Explore Decentralized Identity Innovation</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Japanese-based Firms Liaise to Explore Decentralized Identity Innovation

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