Japan Smart Chain: A Sovereign Blockchain Equivalent to Ethereum for Japan
Joichi Ito, President of Chiba Technical University and co-founder of Digital Garage, and Russell Cummer, Founder and former Chairman of Paidy, have joined forces to launch AltX Research KK. This new venture aims to develop Japan Smart Chain (JSC), a blockchain platform that is specifically designed for Japan and is comparable to Ethereum, but optimized to comply with Japanese regulations.
The idea behind Japan Smart Chain is to bridge the gap between the use of web3 technologies and the regulatory environment in Japan. Currently, many Japanese companies are hesitant to fully embrace blockchain technology due to concerns about regulatory compliance. By creating a blockchain platform that is aligned with Japan’s regulatory framework, businesses and users can benefit from faster, cheaper, and more secure digital services.
The key feature of Japan Smart Chain is the Mizuhiki Protocol, which embeds digital KYC/AML methods into the blockchain’s infrastructure layer. This innovative protocol aims to reduce compliance burdens for operators and users, making it easier for businesses to adopt blockchain technology for applications like payments, loyalty programs, and user-friendly finance.
The mission of Japan Smart Chain is to streamline the Japanese blockchain ecosystem and enhance the overall customer experience by addressing consumer pain points at the blockchain’s infrastructure level. By eliminating redundant form filling and ensuring that users can transact safely and securely with regulated services, Japan Smart Chain hopes to pave the way for widespread adoption of web3 technologies in Japan.
The guiding principles of Japan Smart Chain include sovereignty, security, safety, and scalability. These principles are aimed at ensuring that the platform remains within the control of Japan, is secure, complies with regulations, and can meet the needs of an ever-growing customer base.
Overall, Japan Smart Chain is a promising initiative that could revolutionize the way blockchain technology is adopted in Japan. By providing a sovereign, Ethereum Equivalent blockchain that is tailored to Japanese regulations, Japan Smart Chain has the potential to unlock new opportunities for businesses, consumers, and innovators in Japan.
