In line with Japan’s digital plans, the Ministry of Economy, Trade and Industry (METI) has introduced a new initiative to promote the widespread adoption of digital public goods among businesses and consumers.
Known as the “Demonstration Project for Building Digital Public Goods Using Web 3.0 and Blockchain,” this initiative aims to explore innovative and practical applications of blockchain technology in Japan. Leading the initiative, METI has partnered with industry giants such as PwC, Rakuten (NASDAQ: RKUNY), and NTT Digital to conduct pilot studies.
The project will focus on four main themes identified by METI to encompass various sectors of the national economy. NTT Digital and Leaf have been selected to develop marketplaces for tokenizing real-world assets (RWA).
One notable development includes the creation of an RWA marketplace for Leaf’s Sake World, enabling consumers to purchase Japanese alcoholic beverages while owning digital collectibles in the form of non-fungible tokens (NFTs).
Rakuten will be responsible for building an image rights management platform using smart contracts, while PwC will lead efforts in Web3-based intellectual property (IP) protection for content. The Hiroshima Web3 Association will focus on advancing “regional revitalization” through governance tokens on distributed ledgers.
Although METI had initially planned an information-sharing platform with industry partners, the project was abandoned due to budget constraints. However, other initiatives under the program have received funding from METI, with the RWA marketplaces securing $307,000.
This move by METI to embrace Web3 technology aligns with Japan’s strategy to merge physical and digital realms, driving rapid adoption of digital innovations. The initiative is also expected to support lawmakers in crafting regulations for blockchain and digital assets, similar to the European Union’s Horizon 2020 grants.
Embracing Web3 Innovation
Japan has been integrating Web3 technology across various sectors of its economy, with government agencies leveraging NFTs to reward outstanding mayors. Prime Minister Fumio Kishida has identified Web3 as a key component of “new capitalism,” leading to the establishment of a Web 3.0 Policy Office in 2022.
In a recent initiative, the village of Yamakoshi utilized NFTs to address its aging population issue, raising nearly $500,000 for community projects.
“If successful, this strategy could potentially raise significant funds for rural Japan, while also showcasing innovative social tech with global appeal,” commented Yuri Group.
Watch: Web3 is the natural progression of technology
