[Mitsubishi UFJ Trust and Banking Corporation] Regarding the launch of the “DID/VC Co-creation Consortium Identity Verification
Subcommittee”
*View in browser* *Mitsubishi UFJ Trust and Banking Corporation*
Press release: June 21, 2024
**
Regarding the launch of “DID/VC Co-creation Consortium Identity Verification Subcommittee”
*Aiming to reduce social costs by realizing a once-only identity verification process*
Mitsubishi UFJ Trust and Banking Corporation (President: Iwao Nagashima), Mitsubishi UFJ Financial Group, Inc. (Representative Executive Officer and President: Kamezawa)
(Hironori), Sumitomo Mitsui Financial Group, Inc. (Executive Officer, President and Group CEO: Tatsu Nakajima), Mizuho Financial Group, Inc. (Executive Officer, President and CEO: Tatsu Kihara)
Masahiro), Fukuoka Financial Group Co., Ltd. (President: Hisashi Goto), The Bank of Yokohama, Ltd. (President and Representative Director: Kataoka)
Tatsuya) and Shizuoka Bank, Ltd. (President: Minoru Yagi) are participating in the DID/VC co-creation consortium (Decentralized) sponsored by Mitsubishi UFJ Trust and Banking.
Identifier / Verifiable Credential Co-Creation
The Consortium, 31 member companies (hereinafter referred to as DVCC), has jointly established an identity verification subcommittee to establish a decentralized ID (Decentralized Identifier)
, hereinafter referred to as DID) and digital certificates (Verifiable We would like to inform you that we have started verifying the effectiveness and feasibility of a new method of identity verification using Credential (hereinafter referred to as VC).
Companies jointly studied by the Identity Verification Subcommittee
* 1. Purpose of establishing the Identity Verification Subcommittee* Currently, KYC (Know Your Customers) is required for various transactions. The importance of customers (customers) is increasing, and strict identity verification is required at the time of transactions. However, since similar identity verification procedures are required for each transaction, there are concerns about privacy risks due to personal information being provided to various businesses and increased verification costs associated with the procedures. Furthermore, due to digitalization, the nature of economic activities has expanded to include not only corporate-to-individual transactions, but also person-to-person transactions, and financial crimes such as money laundering that exploit interpersonal transactions have been on the rise in recent years. , of the trading partner
Social issues such as the difficulty in determining credibility are emerging. The Identity Verification Subcommittee uses DID/VC technology to return to consumers the results of strict identity verification conducted by financial institutions based on laws and guidelines provided by regulatory agencies, and to verify the identity of the consumer at their own will. By managing and making the results available, we can eliminate the hassle of “confirming the same identity over and over again,” which has previously occurred, while protecting privacy and “which can be done by providing the minimum amount of personal information necessary.” We will verify the feasibility and effectiveness of identity verification methods that are both rigorous and accurate, such as “Identity Verification Results from Financial Institutions.”
The method in which consumers manage and use their own identity verification results is called the “Wallet Model (tentative name)” in the “Interim Summary of Identity Verification Guidelines” published by the Digital Agency in February of this year. It is attracting attention and consideration as a new form of identity verification.
* 2. Use cases to be discussed at the Identity Verification Subcommittee * The Identity Verification Subcommittee will share the results of identity verification conducted by financial institutions with VC (hereinafter referred to as
The Act on Prevention of Transfer of Criminal Proceeds requires consumers to present their verified VC when conducting specific transactions such as opening an account at another financial institution or issuing a credit card. We will consider a scheme for use as a means of identity verification in accordance with the Criminal Proceeds Act (hereinafter referred to as the Criminal Proceeds Act).
If this scheme is established, it will not only be possible to simplify the identity verification procedures for verified VCs, but also allow financial institutions to provide identity verification functions to various businesses such as startup businesses and metaverse businesses in the future. In the digital space (including the metaverse space), it becomes possible to have a safe and secure peer
Business transactions between Peer to Peer are now possible.
* 3. Future activity schedule *
Starting in June 2024, the 11 companies participating in the Identity Verification Subcommittee will consider building a scheme in accordance with the Criminal Proceeds Act. In addition, by leveraging the knowledge of IT companies participating in the working group set up in the rules development subcommittee to discuss this use case, we will improve the system specifications so that identity-verified VC can be widely used and highly convenient in the world. Ensuring interoperability will also be discussed in parallel.
This consortium will be an open activity. If you agree with the purpose and are interested, please contact us below.
DID/VC Co-creation Consortium Steering Committee (dvcc_post@tr.mufg.jp)
* 4. Companies participating in the Identity Verification Subcommittee* 1. Secretary
Trade name: Mitsubishi UFJ Trust and Banking Co., Ltd.
Representative: Iwao Nagashima, President and CEO
U R L: https://www.tr.mufg.jp/
2. Participating companies
Trade name: Mitsubishi UFJ Financial Group, Inc.
Representative: Representative Executive Officer and President: Hiroki Kamezawa U R L: https://www.mufg.jp/
Trade name: Sumitomo Mitsui Financial Group, Inc.
Representative: Executive Officer, President and Group CEO Tatsu Nakajima U R L: https://www.smfg.co.jp
Trade name: Mizuho Financial Group, Inc.
Representative: Masahiro Kihara, President and Executive Officer U R L: https://www.mizuho-fg.co.jp/index.html
Trade name: Fukuoka Financial Group Co., Ltd.
Representative: President and CEO: Hisashi Goto
U R L: https://www.fukuoka-fg.com/
Trade name: Yokohama Bank, Ltd.
Representative: President and CEO: Tatsuya Kataoka
U R L: https://www.boy.co.jp/
Trade name: Shizuoka Bank, Ltd.
Representative: Minoru Yagi, Representative Director and President U R L: https://www.shizuokabank.co.jp/
Trade name: Orient Corporation Co., Ltd.
Representative: Representative Director and President: Tetsuo Iimori U R L: https://www.orico.co.jp/
Trade name: TOPPAN Edge Co., Ltd.
Representative: President and CEO: Hideki Soeda
U R L: https://www.edge.toppan.com/
3. Secretariat
Trade name: NTT Data Corporation
Representative: Yutaka Sasaki, President and Representative Director U R L: https://www.nttdata.com/jp/ja/
Trade name: Digital Platformer Co., Ltd.
Representative: Kazutaka Matsuda, Representative Director
U R L: https://digitalplatformer.co.jp/
4. Legal Counsel
Trade name: Anderson Mori & Tomotsune Foreign Law Joint Venture U R L: https://www.amt-law.com/
* 5. Companies participating in the Rule Development Subcommittee Identity Verification Working Group (in alphabetical order) *
Trade name: ITOCHU Techno Solutions Co., Ltd.
Representative: Tatsufumi Shingu, President and Representative Director U R L: https://www.ctc-g.co.jp/
Trade name: Dai Nippon Printing Co., Ltd.
Representative: Yoshinari Kitajima, Representative Director and President U R L: https://www.dnp.co.jp/
Trade name: DataGateway Pte. Ltd.
Representative: CEO Kariya Mukainowa
URL: https://datagateway.network/home/
Trade name: TOPPAN Digital Co., Ltd.
Representative: Kazunori Sakai, Representative Director and President U R L: https://www.digital.toppan.com/ja/
Trade name: Hitachi, Ltd.
Representative: Keiji Kojima, President and CEO
U R L: https://www.hitachi.co.jp/
Trade name: BIPROGY Co., Ltd.
Representative: Noboru Saito, Representative Director and President U R L: https://www.biprogy.com/
Trade name: Fujitsu Limited
Representative: Takahito Tokita, President and Representative Director U R L: https://www.fujitsu.com/jp
that’s all
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