Japanese Government Announces NTT Digital, PwC Win

Japanese Government Announces NTT Digital, PwC Winners of Web3 Public Goods Demos

The Japanese government, through the Ministry of Economy, Trade and Industry (METI), is making a positive advancement with its initiative in the global Web3 landscape. The ministry has launched a “Demonstration Project for Building Digital Public Goods Using Web 3.0 and Blockchain” to harness the power of blockchain technology to create public goods.

Let’s be honest: When we think of blockchain technology, we think of cryptocurrency, Ethereum and NFTs. However, METI thinks beyond that. The agency is driven by a simple yet profound realization that mainstream businesses have primarily overlooked through the years: the practical potential of public blockchains.

But why is that? The reasons are twofold. First, blockchain technology is often linked to volatile markets and speculative investments. Second, it’s not an accessible technology for individual companies to adopt. Therefore, the ministry aims to eliminate these barriers by developing a series of public goods that illustrate the real-world applications of Web3 across various industries.

To kick things off, METI outlined five key themes that blockchain technology will significantly impact. However, one — an information-sharing platform for the circular economy — was later dropped. Six projects, including industry giants such as NTT Digital, PwC and Rakuten, were selected as contract winners. Each of these giants brings its expertise to tackle various challenges and showcase the potential of Web3.

One of the standout projects catching the attention of many is Leaf’s Sake World, an innovative platform that outlines how traditional industries can be revitalized through modern technology. In Japan, all alcoholic drinks are strictly regulated, but Leaf’s Sake World allows customers to buy, store and trade sake in a way that leverages non-fungible tokens (NFTs). Each bottle of sake is associated with an NFT, so every time a consumer purchases it, the original brewer gets a cut of royalties.

But METI is thinking more than just locally. The agency wants a seat at the global table in the Web3 space. This is crucial to the country’s Society 5.0 vision, which aims to integrate the digital and physical worlds seamlessly. To ensure the world knows what Japan is up to, a lot of the project’s documentation is available in Japanese and English. The project was even open to global companies, though with some restrictions. Japan wants to take charge of decentralized technology.

The bottom line is that Japan is diving headfirst into Web3 waters. With heavyweights such as NTT Digital, PwC and Rakuten leading these demonstration projects, METI is setting Japan up to be a major player in the global Web3 space.

Many companies from around the world, such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW), are constantly looking out for any new technology that can give them an edge. Who knows, the next big thing in Web3 could come out of Japan and take the world by storm.

NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL

Please see full terms of use and disclaimers on the Web3MediaWire website applicable to all content provided by W3MW, wherever published or re-published: https://www.Web3MediaWire.com/Disclaimer