Coinspeaker
Panasonic to Use DCJPY Crypto for Tourist Passes in Japan
Japanese multinational electronics giant Panasonic has announced plans to use the DCJPY cryptocurrency for tourist passes. The company hopes that tourists will be able to use DCJPY for an unlimited number of rides on buses and trains for a fixed fee. The plan will also accommodate restaurants, stores, and several other recreation sites and tourist attractions.
Panasonic Is Using DCJPY Powering Tourist Passes
The experiment includes participation from DeCurret, the organization responsible for DCJPY, IT consultancy firm TIS, SocioFuture, and Au Financial, a subsidiary of one of Japan’s 20 largest companies by market cap, KDDI Telecom.
According to reports, the plan is to use a smart contract to distribute payments among merchants or receivers of the tourists’ payments. The tourist pass would be issued as a non-fungible token (NFT). Nonetheless, it would sell for a fixed amount for an unlimited number of rides.
The smart contract will calculate the tourist’s usage of the pass from the time of purchase. Where the tourist does not travel much, the amount paid may surpass actual usage. When that happens, the smart contract automatically calculates the amount payable to each transport company and uses the remainder to grant tourist points. Tourists may then use these points for discounts at several places during their holiday.
On the other hand, the tourist may travel more than the cost of the pass. If this happens, the smart contract pays each company pro rata, using the proportions of the tourist’s travels via each company. This method significantly removes the need for calculations and human administration and uses automation to quickly pay the transport companies. In addition to simplifying travel plans for tourists, the plan is to automatically reward anyone who introduces a buyer.
The DCJPY Asset
DCJPY is a digital currency from Japanese digital currency and electronic payments company DeCurret Holdings. According to a whitepaper published last October, the plan is to launch DCJPY in July this year.
The digital asset is managed by Japanese institutions in the Financial Zone and Business Zone. The whitepaper notes that banks in the Financial Zone will mint bank deposits as cryptocurrencies on a blockchain. The aim is to improve fund management and identity verification using expert knowledge of the banking business, as well as the high security inherent in blockchain technology. This incorporates Web3 with the existing financial infrastructure.
On the other hand, the Business Zone can issue NFTs, Governance Tokens (GTs), and Security Tokens (ST) on the blockchain while setting the terms of their issuances. Using smart contracts and DCJPY, institutions can automate payment settlements and commercial operations. The platform also boasts interoperability, allowing the integration of external systems and blockchains to support collaborations across businesses and organizations.
DeCurret’s publication does not mention any organizations in the Financial or Business Zones. However, DeCurret noted the involvement of about 70 Japanese organizations in 2021. Some names include Japan Post Bank Co Ltd., East Japan Railway Co, Kansai Electric Power Co Inc., and Nippon Telegraph and Telephone Corp.
