What is the application of blockchain in Japan?

Japan is the third largest economy in the world, and the Japanese government and people have taken a positive attitude towards blockchain and crypto development. Because the creator of the blockchain, Satoshi Nakamoto, is considered Japanese or Japanese, the Japanese community is generally supportive or even supportive of blockchain.

According to the law, Japan passed the Securities and Exchange Commission (PSA), which recognizes crypto as legitimate property, while adjusting profits from the crypto design industry as other income and taxes paid to investors. Consequently. It can be said that the development of crypto in Japan was made possible by knowing the status of cryptocurrency at the right level.

Blockchain will continue to improve profoundly and be used in many fields by 2021, and Japan is at the forefront of blockchain application in the world. Blockchain applications in Japan include real estate registration, personal registration, banking, bitcoin insurance, currency chains, and consumer payments.

buildings

In the past, the Japanese government planned to create a major project that would list all housing units in villages, lands, and forest areas on a blockchain list. The government of Japan has combined some 230 million land and 50 million buildings registered in Japan into a blockchain list, which also includes the terms of the property (such as property content) and detailed information on the sale of real estate. This decision will support the demand for blockchain at the federal level.

As previously announced by the Japanese government, it will be tested in selected cities in 2018. If the Japanese government is successful, the Japanese government will place all blockchain real estate records over the next five years. Today, success is still in the testing and measuring stages.

The Government of Japan seeks to provide all information from government records in a visual archive as a solution to previous Japanese discrepancies and conflicting records. In Japan, municipal governments, courts, and jurisdictions govern their own registration laws, leading to issues such as discrepancies and inconsistent registrations. Blockchain can solve the above problems.

The registration of letters cannot be updated in a timely manner to affect human ownership of the property. According to a previous survey by the Ministry of Justice of Japan, 6.6% of urban landlords live in small towns and mountainous areas and 26.6% of records have remained unchanged for almost 50 years. Blockchain platforms can also increase the impact of data. For example, if part of the property is farmland, users can complete the farm registration form and combine it with local information to better understand who is responsible for the space or building.

The integration of real estate information in Japan can improve the benefits of the real estate industry, help sell more vacant land in Japan, and help the government to rebuild vacant land there.

In 2019, Japanese real estate companies Sekisui House, KDDI Corp and Hitachi announced that they were testing a data-sharing blockchain platform for real estate. Telecom KDDI provides authentication services and Hitachi uses the Ethereum-based platform.

Shamaison, a sub-brand of Sekisui House, which owns a number of rental units, will go live in March 2021, an app that allows tenants to view and submit rental and tracking information behind the contract process (based on the blockchain). First announced in June 2020, the pilot aims to develop software that allows users to rent faster and better for their tenants. Sekisui House explained in its 2021 Health Report that blockchain technology is the best way to secure many companies' data when information such as history exchanges is shared across multiple computers online.

NEXCHAIN ​​Alliance was established in Japan in April 2020 with 18 participating companies, including Kansai Electric, Tokyo Gas, Mitsui Sumitomo Insurance and Tokyo Marine Insurance. The goal of the NEXCHAIN ​​Alliance is to share information security and create new services not only for real estate, but also for the economy.

proof

In 2017, Japan's Financial Services Agency (FSA) developed a blockchain platform. The platform allows Japanese consumers to share personal information with various banks and financial institutions. The platform allows bank holders to register shared credentials, which can be used to open accounts in different banks.

This shared ID eliminates the need to re-enter personal information when opening a new account at a new bank. Personal information and data held by this shared identifier is accessed, recorded and stored securely on the shared blockchain created by the FSA and other financial institutions.

Moreover, on February 26, 2019, SoftBank Group, a well-known Japanese company, announced that it will jointly develop a blockchain-based approval and certification project with TBCASoft, an American blockchain-based startup. The plan aims to use zero-knowledge credentials and distribute information technology to protect personal information from theft.

In response, SoftBank Vice President Takeshi Fukuizumi said people should create unusable numeric passwords and store multiple usernames and passwords in a non-confidential setting. The working group is supported by the Telecom Operators Blockchain Consortium (CBSG), initiated by TBCASoft. In addition to TBCASoft and SoftBank mentioned in the article, finding members of the organization also includes US telecommunications company Sprint and Taiwan's Far EastTone.

Interbank liquidation

In January 2018, Fujitsu will partner with Mizuho Financial Group, Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi UFJ Financial Group (MUFG) to develop peer-to-peer funds transfer services using blockchain. Fujitsu has developed a cloud-based blockchain platform for exchanging money between individuals that the above three banks can use together, and a smartphone that allows users to make money transfers, deposits and Exchanges.

In the past, Fujitsu, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group have confirmed that the system can connect personal money exchange platform with real banking users. They also ensure that the new platform can be fully and securely integrated into a wide range of processes, including exchange rates, moves and personal money exchange solutions. They reported that the experiment was very successful.

assurance bitcoins

In the past, 01 Blockchain has collected data stolen from crypto exchanges, including Japanese exchanges. With the constant theft, large exchanges have started protecting Bitcoin.

Tokyo-based Sumitomo Mitsui Insurance and bitflyer (Japanese cryptocurrency exchange) have announced new trading products that enable Japanese bitcoin exchanges and consumers to quickly secure their bitcoin assets. Coincheck also announces similar products for Tokio Marine & Nichido Fire Insurance Co., Ltd.

According to the Nikkei Shimbun report, insurance companies Sumitomo Mitsui Insurance and BitFlyer will provide coverage ranging from 10 million yen to 1 billion yen (about 550,000 yen) for losses resulting from breach of contract or pirate attack. 5,500 yen) million RMB). To do this is to pretend that insurance companies also pay for losses due to injuries in the business and employee negligence. The insurer also bears the cost of post-accident insurance, such as customer communications and litigation. For example, the now bankrupt Mt. Gox (which lost 850,000 bitcoins in the 2015 hack) is now being sued by Canada and the United States.

Table 1 Previous Crypto Exchange Hack Times, Cash Losses, etc.

Data Source: 01 Blockchain

provide financial assistance

In April 2017, Mizuho Bank, a subsidiary of Mizuho Financial Group, Japan's second largest financial bank, and IBM Japan announced the joint venture construction of a blockchain trading finance platform. The platform is based on a blockchain solution designed to maximize the efficiency of blockchain and process processes. The purpose of the platform is to quickly and securely exchange digital business information and provide exchange information, and blockchain exchange to improve the visibility and reliability of the exchange part. .

Companies involved in the platform include exporters, wholesalers, shipping companies, insurance companies, ports and port authorities. The above schools provide fast and efficient submission of information on the platform. It enhances the whole message.

In this regard, Masao Sanbe, sales manager of IBM in Japan, said that the operation of Mizuho Financial Group and Mizuho Bank is a milestone in the blockchain industry in the real financial sector. By partnering with a global business network to digitize IBM Japan data and processes, IBM saw the power of blockchain to improve business financial services.

consumers pay

In October 2017, Japanese power company Remixpoint announced new electronic payment services that include bitcoin payments to consumers across Japan. Customers who pay for Bitcoin in the system get a discount (about 3%). On the other hand, Bitcoin payments are usually made through the cryptocurrency exchange company Bitpoint.

BITPoint is a licensed cryptocurrency exchange based in Tokyo, Japan. BITPoint has BITPoint branches in Hong Kong, Korea, Taiwan, Malaysia and Panama.

In addition to electronic payments, Bitpoint has partnered with Peach Air to provide bitcoin payment for flights and participating stores. Bitpoint is also partnering with Evolable Asia to provide Bitcoin payment options to over 1,400 hotels and restaurants across Japan.

In this regard, Remixpoint said its target customers are businesses and retailers. Low-end consumers in energy stores often pay less for electricity than high-end consumers, so savings from new services are also lower. The company opened an account with Bitpoint to make it easier for customers to pay with Bitcoin and save money. We will support Crypto payments in Japan by developing payment services that can reduce shipping and processing costs, the old cost of Crypto.