Web3 Bags $4 Billion From Telecom Major NTT Docomo, Japan’s Accenture
Japan is accelerating efforts to deploy next-gen Web3 technology for a wide range of use cases. NTT Docomo, touted as Japan’s largest telecom company, has partnered with IT major Accenture to fund the country’s Web3 pilot for $4 billion (roughly Rs. 39,113 crore). As part of the collaborative effort, NTT Docomo and Accenture will provide training courses for engineers and business developers who want to enter the field.
Japan’s new prime minister, Fumio Kashida, has been trying to find ‘new capitalism’ solutions to improve the country’s economy and Web3 tools have emerged as the country’s favorites.
“Web3 has the potential to create a new digital economy that has a greater impact on society than the traditional economy, providing clearly defined benefits and secure areas of success,” said the press release in both companies.
Two of the main focuses of this partnership will be to build a technology platform, capable of supporting all Web3 infrastructures and helping developers who wish to contribute to the Web3 ecosystem.
For Accenture, this is an opportunity to create an industry platform that harnesses the power of blockchain technology.
“We will help accelerate the adoption of Web3 by using the expertise we have gained from regional development through our collaboration with stakeholders from industry, government and academia,” said Atsushi Egawa, senior managing director at Accenture.
The collaboration will also explore ways to use Web3 to solve environmental, social, and governance (ESG) issues.
“Web3 is the most impactful technological development since the Internet. We are pleased to promote Japan’s advanced Web3, and welcome individuals and companies to join us in the global development of Web3 services,” said Motoyuki Ii, President and CEO, NTT Docomo in a statement. The mobile operator claims to have more than 84 million subscribers.
This cooperation is in line with the vision of the Prime Minister of Japan, which he had back in May said that Japan will develop and promote the promotion area of Web3, blockchain, NFTs, and the metaverse.
This is not the first time, however, that a telecom major has stepped up to enter the Web3 space.
In June this year, the South Korean telecommunications giant, SK Telecom, decided to create and operate a crypto wallet, powered by the advanced capabilities of Web3.
With its wallet service, SK Telecom may be looking to stitch different parts of the Web3, such as cryptocurrencies, NFTs, and the metaverse, together into a single thread.