Japan is stepping up efforts to embrace Web3 technology for a wider range of application cases. The reputedly largest telecom provider in Japan, NTT Docomo, has partnered with IT giant Accenture to contribute $4 billion to the nation's Web3 investigation (roughly Rs. 39,113 crore). Both NTT Docomo and Accenture will offer training programs as part of the combined effort for engineers and aspiring business developers.
Fumio Kashida, the current prime minister of Japan, has been searching for "new capitalism" solutions to strengthen the economy of the nation, and Web3 tools have been popular with the public.
According to a news release from both firms, "Web3 has the potential to establish a new digital economy with a bigger social impact than conventional economies, delivering clearly defined benefits and secure environments for success."
This cooperation will put its top two priorities on building a tech platform that can support all Web3 infrastructures and helping developers who want to contribute to the Web3 ecosystem.
Accenture sees this as a chance to develop an industry platform that makes use of the promise of blockchain technology.
According to Atsushi Egawa, senior managing director of Accenture, "We will use the expertise we have garnered in regional development through our relationships with stakeholders from business, government, and academia to help speed adoption of Web3."
The cooperation will also look into how Web3 may be used to address environmental, social, and governance (ESG)-related problems.
The most significant technological advancement since the Internet is Web3. Motoyuki Ii, President and CEO of NTT Docomo, said in a statement, "We are happy to be promoting the Web3 developed in Japan, and we welcome individuals and businesses to join us in the global expansion of Web3 services. The mobile carrier asserts to have more than 84 million subscribers.
This collaboration is in accordance with the objective of the Japanese prime minister, who declared in May that Japan would create and support an environment that would promote Web3, blockchain, NFTs, and the metaverse.
However, a telecom giant has previously taken the initiative to experiment in the Web3 arena.
The South Korean telecom firm SK Telecom made the decision to develop and run a cryptocurrency wallet in June of this year using cutting-edge Web3 capabilities.
With its wallet service, SK Telecom might be attempting to weave together several components of Web3, such as cryptocurrencies, NFTs, and the metaverse.
