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Japan’s 3 largest banks to partner on blockchain-powered digital identity

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Japan’s three largest banks are collaborating on a digital identification initiative that will probably be anchored on blockchain know-how.

A brand new report by the native newspaper Nikkei revealed that the three—MUFG (NASDAQ: MUFG), Mizuho (NASDAQ: MZHOF) and Sumitomo Mitsui (NASDAQ: SMFNF)—have additionally invited Shizuoka (NASDAQ: SHZUY) and Fukuoka Monetary Group (NASDAQ: FKKFF), two main regional banks, to associate on the challenge.

The challenge envisions a brand new digital identification answer that permits customers to retailer personally figuring out info comparable to identify, date of delivery, deal with and extra on their cell phones. They will then share these particulars at will, together with when opening new financial institution accounts or acquiring bank cards.

The answer will probably be underpinned by distributed ledger know-how, enhancing safety and giving customers full possession of their information.

The three megabanks plan to kickstart the trials later this 12 months and launch the brand new answer subsequent 12 months.

Japan has struggled with digital identification over the previous decade. Regardless of being Asia’s second-largest financial system after China, it lags behind most of its friends on the digital entrance. Prime Minister Fumio Kishida’s authorities has been pushing digitalization lately, but it surely has but to meet up with extra superior neighbors.

One among Japan’s largest efforts is My Quantity, a 2016 digital identification system that the Kishida administration has revived over the previous three years. Final 12 months, My Quantity skilled widespread glitches, throughout which hundreds acquired strangers’ identification paperwork. Months later, it was revealed that the system had linked over 130,000 My Quantity playing cards to the incorrect financial institution accounts.

Nonetheless, the Kishida authorities continues to push the initiative. Final month, it introduced a cope with Apple (NASDAQ: AAPL) wherein Japan would turn out to be the primary abroad market the place iPhone’s Apple Pockets will help an official government-issued digital ID. The brand new function will roll out beginning subsequent 12 months.

Japan additionally just lately introduced a cooperative settlement with the European Union on digital identification administration. The 2 pledged to cooperate and share experience on enhancing safety in digital identification and discover less complicated and extra environment friendly verification processes.

Watch: Digital identification is a core a part of Web3—right here’s why

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