[NEWS] Hakuhodo Keithley Establishes DID/VC Co-Creation Consortium

Hakuhodo Key3, which develops Web 3.0 business, announced the establishment of the "DID/VC Co-Creation Consortium" (Decentralized Identifier/Verifiable Credential Co-Creation Consortium = DVCC) on the 10th.

DVCC aims to co-create business of digital certificates (Verifinable Credential = VC) linked to decentralized ID (Decentralized Identifier = DID), as well as establish interoperability rules to promote the social implementation and dissemination of DID and VC, contribute to society by solving social issues, and co-create new businesses using this technology.

Participating companies in this consortium are Mitsubishi UFJ Trust and Banking Corporation, NTT Data, Itochu Techno-Solutions, TOPPAN Digital, Hitachi, Fujitsu, and Anderson Mori & Tomotsune Foreign Law Joint Enterprise.

Hakuhodo Key3 is a Web 3.0 business production company established in December 2022 by Hakuhodo and Aster Network CEO Sota Watanabe.

The background to the establishment of DVCC is the penetration of digital technology into modern society.

In modern society, the value of data has never been higher. As a result, security and privacy issues such as "Is the person I am interacting with the real person?", "Is the information I am exchanging trustworthy?", and "Is my information being used without my permission?" have arisen.

In March 2021, the Trusted Web Promotion Council of the Cabinet Secretariat's Digital Market Competition Headquarters published a white paper on the Trusted Web. In addition, various organizations and companies are widely studying the keyword Self-Sovereign Identity (SSI).

DID and VC are one of the means to realize safe, secure, and convenient authentication and certification by guaranteeing the confidentiality of individuals' self-management of information about themselves, the safety of tamper resistance and traceability, and the convenience of individuals being able to carry information that has been proven once.

DID and VC are expected to be highly popular globally because they have the above-mentioned functions, and their social adoption is a challenge. As an effort to solve these problems, Hakuhodo Key3 is working with DataGateway to provide a data wallet called "wappa" that utilizes DID/VC.

DVCC aims to solve information management problems and has focused on DID/VC as a means to achieve this. It will undertake four activities to demonstrate business use cases in Japan, establish interoperability rules, and promote the social adoption of DID/VC through business co-creation using this technology.

1. "Business co-creation"

   We will share and jointly consider use cases, and jointly promote demonstration experiments and businesses.

2. "Establishment of rules for interoperability"

   We will establish business rules to ensure a certain level of interoperability between consortium member companies.

3. "Shared use of resources"

   Participating companies will share systems and infrastructure as necessary from the perspective of efficiency.

4. "Information sharing with external parties such as the government and government ministries"

   We will share and collaborate on information with the government and government ministries as necessary.

In the future, the eight participating companies will begin discussions in the rules development subcommittee in October. They will also discuss high-priority general-purpose issues to ensure interoperability. They also plan to coordinate the participation of multiple business companies and launch a business co-creation subcommittee.

Reference:Announcement
Image: Quoted from the announcement