Japanese companies, including Toppan, Fujitsu and Hitachi, create decentralized identity consortium
Japanese conglomerates Fujitsu, Hitachi, NTT Data and Toppan Digital are among the companies partnering with Japan’s largest financial group Mitsubishi UFJ Financial Group (MUFG) to create a decentralized identity (DID) and verifiable credential (VC) consortium.
Also joining the consortium are Anderson Mori & Tomotsune law firm, systems integrator Itochu Techno-Solutions Corporation (CTC) and Hakuhodo Key3, a web3 services arm of marketing and innovation company Hakuhodo.
The task of the consortium is experimenting with decentralized identity solutions and streamlining Know Your Customer (KYC) processes in finance. The companies may also explore self-sovereign identities (SSI), an approach to digital identity that gives individuals control over their data.
The group is hoping to attract other companies, according to blockchain-focused publication Ledger Insights.
In June, MUFG, one of Japan’s largest banks, announced the launch of stablecoin issuance platform Progmat Coin, designed for launching Japanese yen-pegged stablecoins in compliance with the country’s Japan’s strict regulations, including identity verification requirements. Its trust arm, Mitsubishi Trust Bank, is collaborating with Binance to offer a new stablecoin in the market built on the Progmat Coin platform.
This year’s report from the World Economic Forum (WEF) noted that decentralized ID could solve issues for digital identity such as protecting sensitive data.