Blockchain makes it possible The Near Future of WEB3.0

　This is Genki Oda, a founder and CEO of Bitpoint.

　I was invited to speak at the 23rd Japan International Financial System Forum 2022 held March 17,2022 on the topic "The Near Future of Web 3.0 Achieved with Blockchain". This time, I participated in a panel discussion together with Mr. Kazumasa Sato, President of JASMY Corporation, the project parent company of crypto asset JASMY, which was listed on Bitpoint last October.

　The Japan International Financial System Forum is an annual forum mainly for financial institutions, and since the participants are mainly from financial institutions, the sessions are very professional and of high quality.

　I had the opportunity to speak at this forum in 2019, and at that time, companies related to crypto assets were very rare, but this time there were many sessions related to crypto assets and blockchain, including a session by Mr. Chino of Kraken Japan and a session on security tokens, so the times are definitely changing. I got the sense that things are changing.

　In this context, I spoke at this session on the theme of "The Near Future of Web 3.0 Realized with Blockchain. Among the individual feedback we received, many people were surprised to hear about the efforts of Jasmy, who was introduced in this panel discussion.

First, let me briefly introduce myself and Bitpoint.

I started my own business when I was a student in 2001, and since then I have been active in supporting entrepreneurs, managers, investors, and social entrepreneurs.

I am currently the President of Remixpoint, a publicly traded Japanese company, and founded Bitpoint as a wholly owned subsidiary in 2016, where I am also the President of Bitpoint.

I received the Medal with Dark Blue Ribbon in 2018 and was selected as a Young Global Leader by the World Economic Forum in 2019.

In the crypto asset industry, I am a board member of the JCBA and vice president board member of JVCEA, an accredited self-regulatory organization.

Bitpoint is registered as a crypto asset exchange business by the Financial Services Agency in 2017.

　Bitpoint's philosophy is "making tomorrow be better”.

　Based on this philosophy, Bitpoint is taking on a variety of new challenges.

As one of such challenges, Bitpoint listed JASMY on October 26,2021. The mother company of this project is JASMY Co.

　In a nutshell, what JASMY seeks to achieve is the "democratization of data. Originally, the rights to personal information should belong to the individual. However, currently, companies, the state, and other non-individuals are in a relationship to manage that information and to receive the revenues from that information.

　However, there are now very strict rules regarding the attribution of personal information, especially in Europe and the United States. Under such circumstances, JASMY is a blockchain in which the ownership of information belongs to the individual, the necessary information is disclosed to the necessary party when the individual approves (i.e., gives permission), and the revenue obtained through this information disclosure belongs directly to the individual.

　Is such a thing possible? Many people may think that this is a very serious matter, but JASMY has members who are seriously working on this. And many of them are former SONY members.

　Mr. Ando, the president of Jasmy Co, served as the president of Sony Corporation, and Mr. Kazumasa Sato, the president of Sonystyle.com, with whom we had a panel discussion this time, also served as the president of Sony. In addition to both of them, many other people from Sony are also members of the JASMY team, including the person who developed the security mechanism of Felica and the person who was responsible for the software of VAIO PCs.

　And many companies have already begun to adopt Jasmy's approach. transcosmos, Nippon Travel Agency, and VAIO share the concept of "democratization of data" and have begun to develop services that utilize personal information securely using Jasmy's blockchain, and have decided to sell PCs with blockchain embedded. It is expected that these trends will continue to progress.

　In Japan, crypto assets went through a winter period from mid-2018 until recently. While various projects were emerging overseas and institutional investors in Europe and the U.S. were investing in crypto assets as a matter of course, the market in Japan remained sluggish and the market was very difficult.

　However, even in such a situation, there are projects that did not bend their convictions and worked foolishly to realize their projects. We believe that Jasmy is one such company.

　When a crypto asset exchange company like ours decides to deal in crypto assets, it is required to examine each and every one of them. I also learned about Jasmy during this review process and remember being surprised by the backgrounds of the members involved in the project and the high quality of the actual project being undertaken.

　The theme of today's panel was "Web 3.0," and this point was also touched on in today's panel.

　First of all, as a brief review, "Web 3.0" is a keyword that has been frequently mentioned since last year. WEB 2.0 is the so-called SNS service, which enables interactive communication. However, even in WEB 2.0, a specific server authenticates, a specific company manages the information, and the rights to the information belong to the company.

　WEB 3.0 is 'decentralized. Each user manages information in a decentralized manner, and the authentication is not done by a specific server or company, but by mutual authentication.

　This slide summarizes the characteristics of this WEB 3.0. There are several points, but I think that the most important ones are "low falsifiability of data," "ownership of information belongs to the individual," and "creation of digitally oriented services" because they are automatically executed by programs.

　Various services have been created to take advantage of these Web 3.0 features. One such service is NFT, or Non-Fungible Token, which takes advantage of the non-falsifiability feature of digital data to make digital data valuable.

　Currently, NFTs are attracting a great deal of attention in the arts and brands, and it is estimated that the total global NFT transaction value in 2021 will have reached 4.7 trillion yen( around 40 billion USD).

　DeFi is another market that is expected to grow significantly in the future. Until now, loans have been subject to credit screening by financial institutions, but now AI-based screening is being adopted in many cases. Automated execution of financial services based on transaction histories and other information may also become more prevalent.

　In the past, credit screening by financial institutions was mainly based on balance sheets (BS) and profit and loss statements (PL), but in the future, credit screening based on cash flow (CF) may become a reality.

　For example, if a scheme is established to automatically refund a portion of the money received from customers in the form of digital assets to investors through a program, financial services based entirely on CF could also be realized.

　And then there is the metaverse. Many companies are now trying to expand their services in the metaverse. This trend is unstoppable. There is no doubt that within the next 5 to 10 years, we will see more and more companies not only changing the place of communication from the real world to the virtual world, but also realizing what is possible only in the metaverse space.

　In this context, there is a possibility that the way people communicate will change dramatically. In a metaverse society, language barriers will be eliminated if simultaneous interpretation functions are implemented, and avatars will enable, for example, people with disabilities to act the same way as normal people.

　What currency will be used for payment in such a metaverse society?

　Unfortunately, the Japanese yen will not be the primary currency in the metaverse, nor will the US dollar. We believe that there is a very high possibility that crypto assets will be used here as a means of payment that can be utilized globally.

　In such a metaverse, "information management" and "information attribution" will become more important.

　Through this panel discussion, we were reminded that Jasmy is able to realize this point by utilizing blockchain technology.

　And, after today's session, many people contacted me to say that they were surprised to hear that there was a company in Japan with such a large number of members working on such a project! The messages were of surprise and delight.

　When we think of crypto assets, the image of investment and speculation tends to prevail. However, there is in fact a movement to carry out very high quality projects like Jasmy's.

　As I myself have often said in the past, "price" is important for crypto assets, but "value" is more important. I believe that the "value" of the project will lead to the "price" as a result of the project's "valuable" efforts.

　I am proud that there is a project like Jasmy's in Japan, and I am very happy that it is the first such project to be listed in Japan.

　I am also very happy to be the first Japanese company to list such a project.

"making tomorrow be better”.

　This is the philosophy of BitPoint, and we will continue to do what we can to enhance the activities of projects that can create a new tomorrow.

　March 17, 2022 Genki Oda

＊Attention
This is a personal view.
This is not a solicitation to invest.
I am not responsible for any mistakes or mistranslations regarding the content