As an analyst with a background in finance and technology, I find Panasonic’s decision to use DCJPY for tourist passes an intriguing development in the emerging field of blockchain-based payments. The collaboration between DeCurret, TIS, SocioFuture, and Au Financial, along with Japanese institutions in the Financial and Business Zones, showcases Japan’s commitment to leveraging digital currencies for practical applications.
Panasonic, the renowned Japanese electronics corporation, has disclosed its intention to incorporate DCJPY cryptocurrency in tourist passes. This move aims to enable tourists to enjoy an unlimited number of bus and train rides for a predetermined fee using DCJPY. Furthermore, this system is expected to extend to various restaurants, retail outlets, and numerous recreational sites and attractions.
Panasonic Is Using DCJPY Powering Tourist Passes
In this study, DeCurret, the entity overseeing DCJPY, collaborates with TIS, an IT consulting firm, SocioFuture, and Au Financial – a subsidiary of one of Japan’s top 20 publicly traded companies, KDDI Telecom.
As a analyst, I’ve come across information suggesting that a smart contract will be employed to manage the distribution of payments among merchants or recipients of tourist payments. The tourist pass will manifest as a non-fungible token (NFT), but it will maintain a consistent value for an infinite number of uses.
The smart contract determines the tourist’s pass utilization starting from the moment of purchase. In cases where a tourist doesn’t travel extensively, the cost they paid might be more than what they actually used. When such a situation arises, the smart contract will compute the due amounts for each transport company and uses any leftover funds to award tourist points. These points can later be employed by tourists to secure discounts at numerous holiday destinations.
Instead of this: “On the other hand, the tourist may spend more than the cost of the pass. If that’s the case, the smart contract distributes payments to each company based on the tourist’s travel proportion for every company. This method eliminates complex calculations and human intervention, relying instead on automation to swiftly compensate transport providers. Moreover, the goal is to incentivize anyone who brings in a new customer by automatically granting them rewards.”
The DCJPY Asset
DeCurret Holdings, a Japanese corporation specializing in digital currencies and electronic payments, intends to debut its new currency, DCJPY, around July of this year, as outlined in their October whitepaper.
As a researcher studying this particular topic, I’ve discovered that Japanese institutions in both the Financial Zone and Business Zone are responsible for managing digital assets. According to the whitepaper, banks within the Financial Zone will utilize blockchain technology to mint cryptocurrencies as deposits. The objective behind this innovation is twofold: firstly, to enhance fund management capabilities by incorporating expert knowledge from the banking sector; secondly, to ensure robust identity verification processes and leverage the top-notch security features of blockchain technology. This integration of Web3 with existing financial infrastructure aims to create a more efficient and secure financial ecosystem.
Instead of “On the other hand,” you could say “Additionally,” or “Furthermore.” Regarding the Business Zone’s capabilities, they can mint NFTs, Governance Tokens (GTs), and Security Tokens (ST) on the blockchain, establishing the terms of their issuance. Leveraging smart contracts and DCJPY, institutions can automate payment settlements and commercial transactions. Notably, this platform offers interoperability, enabling integration with external systems and other blockchains to foster collaborations among businesses and organizations.
DeCurret’s work fails to identify any financial or business institutions mentioned in the publication. Nevertheless, DeCurret highlighted the participation of approximately 70 Japanese organizations during the year 2021. Some of these entities are Japan Post Bank Co Ltd., East Japan Railway Co, Kansai Electric Power Co Inc., and Nippon Telegraph and Telephone Corp.
Read More
Sorry. No data so far.
2024-05-20 17:15