Trends

Japan’s Web3 revolution: digital public goods take center stage

METI’s new initiative aims to boost blockchain adoption through engaging use cases. The project will promote regional revitalisation.

AuthorBTW Editorial

Reading Time2 min

PublishedAugust 16, 2024

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Headline

METI’s new initiative aims to boost blockchain adoption through engaging use cases. The project will promote regional revitalisation.

Context

OUR TAKE Japan is committed to integrating Web3 technology, which is a sign that Japan is forward-looking in digital transformation. By facilitating collaboration with key industry players, METI is paving the way for innovative applications of blockchain. This initiative has not only boosted the economy, but also provided valuable insights for lawmakers to develop regulations in this rapidly evolving field. –Lily,Yang, BTW reporter Japan’s Ministry of Economy, Trade and Industry has launched the “Demonstration Project on Building Digital Public Goods Using Web 3.0 and Blockchain” to strengthen the adoption of digital public goods. The initiative, in collaboration with industry leaders such as PwC , Rakuten and NTT Digital , aims to create practical blockchain use cases across various sectors of the economy.

Evidence

Pending intelligence enrichment.

Analysis

It will focus on building a marketplace for tokenised Real World assets, which Leaf has developed in relation to Sake World, allowing consumers to buy sake while owning NFTs. Rakuten will create a platform to manage image rights through smart contracts, and PWC will lead Web3-based intellectual property protection efforts. The project also includes regional revitalisation work by the Hiroshima Web3 Association using governance tokens. While some plans have been shelved due to budget issues, METI’s latest move aligns with Japan’s broader strategy to integrate the physical and digital worlds. Also read: Siam Piwat showcases leadership in luxury retail and Web3 innovation at Techsauce Global Summit 2024 Also read: 3 best Web3 social networks

Key Points

METI’s new initiative aims to boost blockchain adoption through engaging use cases, collaborating with industry giants like PwC and Rakuten.
The project will explore real-world asset tokenisation and intellectual property protection while promoting regional revitalisation via governance tokens.