[Japan: Mitsubishi UFJ Bank, Fujitsu, and NTT Data form an alliance to carry out decentralized identity projects]
Eight major Japanese companies, including banking giants Mitsubishi UFJ Bank and Fujitsu, have formed the Digital Identity (DID) and Verifiable Credentials (VC) Alliance to explore decentralized identity applications. The alliance aims to strengthen autonomous identity management, give users better control over their personal information, and can be applied to simplify the KYC process. The participation of Japan’s largest commercial bank hints at the widespread application of financial markets, and there are rumors that DID will play a leading role in digital securities and digital currency. In addition, Mitsubishi UFJ Bank is developing Progmat Coin that supports multi-distributed bookkeeping stablecoins.
Digital identity also has prospects in the Metaverse. Fujitsu and TOPPAN, for example, have devoted themselves to the Metaverse Special Economic Zone to explore the interoperability between Web3 and the Metaverse.
Globally, places such as the Philippines, India and Argentina are also exploring digital identity solutions. However, digital identity providers like Worldcoin have raised regulatory concerns in many countries, especially regarding iris scanning. However, Worldcoin denies any wrongdoing.
