Having led the way in terms of electronics and robotics, it now looks as if Japan could be looking to stake a claim over the widespread adoption of Crypto-related technology.
There is a lot more to cryptocurrencies than merely their potential to make investors money. The technologies that underpin cryptocurrencies are what set them apart from their rivals. Indeed, these are what often secures backing at the early stages of development.
As such, it is always reassuring to see when countries and businesses are receptive to the potential of ledger technologies or of blockchain’s use in transaction networks. Japan, it seems, is a particularly fertile breeding ground for such adoption at the moment.
Media-Do Holdings, a Japanese company, is looking to develop a DLT (Distributed Ledger Technology) to help track transactions for the ebooks it sells. By doing so, it will be able to keep track of transaction histories more easily.
Interestingly, they believe this will help facilitate the sale of second-hand ebooks, a pretty novel concept at the moment. Ebooks are on the rise in Japan, and with the coronavirus pandemic gripping the country, the demand is greater than ever.
JCB, the top credit card issuer in Japan, has joined forces with a company called Techfund whose main goal is to help implement blockchain technology into startups and companies. JCB is looking to use Tech Fund’s experience to help develop a ‘sustainable payment system utilizing blockchain’.
They hope to solve ‘various problems in the settlement area’ with this new system, which it might be reasonable to assume would have implications on costs and speed. For Japan’s top credit card issuer to implement blockchain technology in this manner is a big step towards greater integration between finance and blockchain technology in the country.
SBI Holdings, who is not only a Ripple partner but also an investor, have made plans to put the currency to use in ATMs across Japan. Ripple is used by a platform called MoneyTap that facilitates transfers between banks, but this would now also allow customers with different banks to access ATMs not affiliated with their bank.
This would reduce the costs associated with running ATMs and as such, could increase their numbers across the country, giving residents more access to their money.
Cryptocurrencies were birthed in order to provide people with a currency that was free from the control of institutions. Thus, the notion of ‘freedom’ is inherently tied up within the ethos of cryptocurrencies and their technologies. As such, it only seems fitting that these are being put to good use in helping reduce costs, increase accessibility and ultimately give people more choice in a number of different sectors across Japan.