Japan to Solarise Its Burgeoning Digital Economy, Expert Take

20-Aug-2019 Intellasia | CoinTelegraph | 6:02 AM Print This Post

Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies necessitate very high consumption of electric energy, which is currently produced with coal and fossil fuels that have adverse environmental effects. A global shift toward green energy will require the removal of the technological/infrastructural, financial and regulatory/tax-policy barriers. In this series, we evaluate the tax, digital technology and solar policies (including a space solar power satellite) of the top carbon dioxide-emitting countries.

In 2009, Japan the Land of the Rising Sun undertook important initiatives that set the tone for how it intended to solarise the world’s third-largest digital economy. Japan passed its Basic Space Law, which established a space power satellite (SPS) the concept of collecting solar power in outer space and distributing it to Earth via satellites as a national priority.

The Ministry of Economy, Trade and Industry (METI) of Japan sets the strategic energy plan for the world’s fourth-largest energy consumer and the sixth-largest emitter of CO2 90 percent of which is tied to hydrocarbon energy. METI believes that the impact of blockchain which consumes large amounts of electricity is huge and that its importance is similar to the emergence of the internet.

According to a World Economic Forum survey, global GDP stored on blockchain technology is expected to reach 10 percent by 2027. Therefore, in June 2018, Japan introduced a sandbox regime to accelerate the introduction of new business models and innovative technologies such as blockchain, AI and the Internet of Things.

The world’s largest technology investment fund the $100 billion Softbank Vision Fund, which announced the launch of a second fund and Japanese megabanks have been investing in and funding blockchain startups concerning applications in telecommunications, swift -payment system, solar energy, identity, health care, messaging, transportation, data security and fintech industries, both in Japan and globally.



Category: Japan

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