Japan’s plans to govern the “trusted web” will democratise parts of Web 3.0 and facilitate verifiable transactions by not only a few big companies, but by the whole private sector.
Japan’s blossoming relationship with the UK over digital transformation was a highlight of digital relations in 2022, carving out a strategy to boost both digital economies, infrastructure, connectivity and digital identity.
Japan’s “trusted web” will reestablish market competition on the internet and return powers to store and transfer information and enable an ecosystem approach to transactions and data-sharing.
The pandemic brought the onset of a digital society, where various efforts to digitalise healthcare and online services has happened at pace. Under these circumstance, some big companies have dominated infrastructure for the web including identity and data management.
Dominant providers have therefore delivered uncompetitive services where it is difficult to verify how data is being used or exploited for third-parties or advertising.
To avoid creating a surveillant state, Japan intends to open up the pool of infrastructure providers again to create internet transparency and “administrative-less” trading with cryptocurrency.
In June 2020, a report published the medium-term vision to creating competition in the digital market followed by a whitepaper in March 2021 which outlined multi-partner collaboration between government, industry and academia.
The value of “trusted Web” will democratise the internet and create easy data flows while instating a new trust framework to allow more parties to seek benefits from the web.