NTT Docomo Partners with Accenture to Promote Web3 Industry in Japan

By November 8, 2022Polkadot
Click here to view original web page at www.coinspeaker.com
Photo: Unsplash

The NTT Docomo-Accenture partnership will take the form of a consortium open to other investors and could cost over $4 billion.

Japan’s largest mobile operator NTT Docomo is collaborating with Irish-American IT company Accenture, on Web3 implementation. Pursuant to the collaboration, NTT Docomo will invest up to 600 billion yen ($4 billion) in Web3 infrastructure in the East Asian company. This development is part of a broader plan by the leading Japanese mobile telecom operator to leverage the Web3 space using its existing resources. Furthermore, NTT Docomo also plans to incorporate a subsidiary next year for this reason.

Addressing the scope of the joint initiative, NTT Docomo president and chief executive officer Motoyuki Ii, explained:

“Web3 is the most impactful technological development since the Internet. Docomo, in collaboration with Accenture, will revolutionize social infrastructure by utilizing blockchain and building a safe and secure Web3 environment. We will build an environment where the power of creators and developers can come together.”

NTT Docomo-Accenture Initiative to Leverage Astar Network Capabilities

To fast-track Web3 implementation in Japan, NTT Docomo will also use the Astar Network, a Polkadot-based multi-chain smart contract. Reports also state that the financial investment for the company’s joint venture with Accenture will come over oversix years. Furthermore, the NTT Docomo-Accenture joint venture will take the form of a consortium. This consortium would potentially allow individuals and corporations to utilize tokens for governance.

As part of its plans to develop Web3-related infrastructure and services, the consortium plans to engage a variety of industries. It aims to achieve this through decentralized autonomous organizations (DAOs), which will be an alternative to a corporate entity. However, because DAOs are still evolving, the NTT Docomo initiative is at risk of repeating the same mistakes made by enterprise blockchain consortia. In order to negate these risks, the NTT Group has reportedly shored up on extensive experience in relevant departments.

NTT Docomo looks to launch the Web3 services after it has developed the necessary supporting technology infrastructure. In addition to being driven by the blockchain, this technology infrastructure will also be capable of providing services for crypto issuance and exchange. In addition, the projected service will also extend to electronic wallets to make for a holistic user experience.

3 Core Pillars of Docomo-Astar Agenda

According to reports, NTT Docomo and Astar Network have agreed to jointly focus on three fundamentals. These include pursuing sustainable development via extensive and practical research of Web3-related environmental issues, as well as educating people on Web3 adoption. Lastly, the collaboration also seeks to provide an enabling environment for engineers and business leaders to be privy to practical experience.

According to Astar Network CEO Sota Watanabe, the project’s overarching mission is to demystify Web3 to the general public. As Watanabe put it, “in this context, more robust cases with excellent user experience on an infrastructure that is accessible to everyone is essential. It is about making a society where more people can truly enjoy the benefits of Web3, not just engineers.”

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

WhaleMaker

All Today's Crypto News In One Place