cryptojournalist
Japanese tech companies are diving into blockchain technology, but even for experienced players like Hitachi, establishing a strong foothold in this competitive market isn’t easy. Hitachi has been active in blockchain since 2016, contributing to major initiatives like Hyperledger—a collaborative project focused on creating open-source blockchain solutions—and joining the Linux Foundation Decentralized Trust. However, despite its long presence, newer companies are rapidly gaining attention and outpacing Hitachi’s progress.
Hitachi’s Blockchain Collaborations
In recent years, Hitachi has taken several steps to boost its presence in blockchain. In 2020, the company partnered with ConsenSys, a prominent blockchain software developer, signaling its commitment to expanding its blockchain capabilities. More recently, in December 2023, Hitachi collaborated with the Concordium Foundation to develop a biometric crypto wallet, which uses fingerprint or facial recognition to secure digital assets. While these partnerships are notable, Hitachi still has ground to cover as other players continue to capture more of the spotlight in Japan’s blockchain scene.
Rising Competitors: Sony and Mitsubishi UFJ
Meanwhile, some of Japan’s other big players are making significant strides. In August, Sony made headlines by launching its own blockchain called Soneium, developed in collaboration with Startale Labs. The project brought in well-known blockchain partners like Optimism, Circle, and Chainlink, adding a strong foundation to Sony’s Web3 ambitions. In addition to Sony’s growing influence, Japan’s largest bank, Mitsubishi UFJ Financial Group, launched a stablecoin platform called Progmat in 2022. Progmat was designed to facilitate digital currency use in traditional finance, showing Mitsubishi’s dedication to leading the way in Japan’s stablecoin and blockchain advancements.
Soramitsu’s Role in Asia’s Digital Currency Growth
Beyond the corporate giants, Japan also has innovative blockchain firms that are making an impact abroad. Soramitsu, a company that co-developed the Hyperledger Iroha blockchain, has been at the forefront of launching central bank digital currencies (CBDCs) and stablecoin projects across Asia and the South Pacific. This work has positioned Soramitsu as a crucial partner for countries looking to create national digital currencies, further expanding Japan’s influence in the blockchain and digital currency space.
