Japanese Banking Giant SMBC Will Use Soulbound Tokens For Identity Verification

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Japan’s second largest financial institution, Sumitomo Financial institution, has introduced that it’s going to use private tokens for identification verification. Sumitomo Mitsui Monetary Group is partnering with Hashport to this finish, which is the results of a dialogue that started in July 2022.

The financial institution has a number of choices for utilizing the token, though initially it is going to be used solely for identification verification. SMBC appears ahead to partnering with different firms to assist them work together with their customers by means of the Soulbound token. Tokens can be utilized to confirm an individual’s background once they transfer to a different job.

The financial institution will launch the Soulbound token on a trial foundation. Hashport will assist Sumitomo Mitsui till March 2023. Using Soulbound tokens is a bid by each events to create a “protected and safe Web3 financial zone”. Web3 is a sector that Japan has loads of curiosity in, and the federal government is interested by utilizing associated applied sciences.

Picture: Forbes