Ozys and Creder to tokenize precious metals

KISA to establish blockchain trust framework for public servicesThe Korea Internet & Security Agency (KISA) is developing a system called the Korea-Blockchain Trust Framework (K-BTF) to facilitate the development and operation of blockchain-based public services, said Lee Kang-hyo, a senior official at KISA, during the 2023 Blockchain Grand Week on Wednesday (local time).Blockchain Grand Week is an event hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) to promote the value of blockchain technology in enhancing trust in the digital age.Photo by Philipp Katzenberger on UnsplashPrevious roadblocksKISA has executed over 100 blockchain pilot projects over the last five years, but only a few have been carried out due to significant costs and interoperability barriers between services. According to the agency, it costs KRW 450 million (approximately $348,000) to carry out one project. Therefore, it has shifted its focus to making development easier and supporting data interoperability between services.“Developing blockchain-based public services entails building a blockchain platform, developing services and connecting them with government legacy systems,” Lee explained. “Blockchain developer APIs are becoming standardized overseas, and we thought it was time for us to leverage such advantages as well.”Another challenge was that previous blockchain-based public or governmental services did not offer smooth user experiences (UX), often requiring the installation of separate wallets or applications with each use.Bringing cost-efficient, user-friendly public blockchain servicesTo address these issues, KISA decided to focus on three key areas for building K-BTF — cost reduction, convenient development and usability — with an overall groundwork that covers interfaces, services and security while minimizing intrusion into the private sector.Once the K-BTF is established, government agencies will be able to easily plan and operate blockchain-assisted services such as decentralized identifiers (DIDs) and non-fungible tokens (NFTs). The costs for development will be determined based on how much a given service is used instead of the original base cost of KRW 450 million.Also, public institutions tend to go through staffing changes quite often, and building services under K-BTF will enable governmental operations to run normally without any roadblocks or inconveniences caused by such changes.Lee went on to mention that although a wide array of services can be built on the framework, there will be basic requirements in terms of functionality, performance and security that must be fulfilled for a service to run on it. To verify this, the KISA established a testing and certification system that utilizes its Cloud Security Assurance Program (CSAP) certification system and the Information Security Management System (ISMS).To improve usability, the framework will require users to install only one digital wallet that stores digital forms of identification and various authentication certificates.The KISA is set to start working on the K-BTF next year. Notably, it plans to create a governance system consisting of government agencies — those that are the demand clients for the framework –, private corporations and related experts. Six core services that will employ K-BTF have already been selected after a review of 34 pilot projects proposed in 2021 and 2022 and major national blockchain projects from six overseas countries. These six services are NFTs, DIDs, data origin authentication, data history tracking, Blockchain as a Service (BaaS) and digital wallets.Lee emphasized that the goal of the K-BTF is to derive services that can be used by the public sector within regulatory and technological boundaries.

AIITONE Launches PoC Platform for Security Token Projects in South KoreaAIITONE, an augmented reality firm in South Korea, announced today its launch of a proof-of-concept (PoC) platform aimed at facilitating the security token projects of securities and financial companies.Photo by Shubham’s Web3 on UnsplashTechnological validation for STO projectsAIITONE’s security token offering (STO) PoC platform serves to conceptually validate technological aspects before the implementation of specific projects. This solution validates business concepts by enabling a systematic connection among various entities, including security token issuers, account management institutions (issuance intermediaries), the total supply management institution (the Korea Securities Depository), investors, securities companies, over-the-counter (OTC) brokerages, and financial companies.Through this platform, AIITONE’s clients will have the capability to conduct PoC studies for both primary and secondary markets. Businesses with an interest in security token operations can test in advance the entire lifecycle of an STO. This encompasses activities such as security token assessment, subscription, allocation, issuance, distribution, and eventual burn. Assessing technical requirements prior to embarking on a security token project is expected to not only save time but also mitigate risks.Versatile support for industry playersAccording to an AIITONE official, the firm’s STO PoC platform is highly effective, considering it offers a wide range of support, spanning from security token product planning to networking assistance for platform and infrastructure development. The official also expressed their expectations that the platform’s versatility is poised to attract many securities and financial companies as potential customers.Meanwhile, AIITONE aims to offer a comprehensive STO solution encompassing a range of features, such as STO PoC consulting, industry trend assessment, and risk management capabilities.

Mitsui & Co. and Animoca Brands to Drive Web3 Innovation in Japan’s Digital LandscapeTokyo-based trading and investment company Mitsui & Co. (Mitsui) has announced today a strategic partnership with Hong Kong-based Web3 gaming firm Animoca Brands. This new partnership aims to utilize Mitsui’s extensive business network to foster new ventures that contribute to the distribution and advancement of Web3 technology in Japan. The companies will particularly focus on utilizing blockchain technology to address issues such as wellness and carbon credits.Mitsui expects this collaboration to strengthen its presence in the blockchain and digital assets space. The goal is to promote the development of a digital society and improve the lives of Mitsui’s customers.Photo by Shubham’s Web3 on UnsplashAnimoca Brands’ Web3 expertiseAnimoca Brands, a well-known company specializing in digital entertainment, blockchain, and gamification, has an impressive portfolio of over 450 Web3 investments. This includes popular non-fungible token (NFT) based online video game Axie Infinity and NFT marketplace OpenSea. Animoca Brands actively promotes digital property rights and the establishment of the open metaverse, a blockchain-based virtual space that ensures permissionless access and user ownership of data.Mitsui’s blockchain initiativeMitsui also initiated a blockchain-related project through its affiliate Mitsui & Co. Digital Asset Management (MDM). Just last month, MDM launched Alterna, a security token platform that grants retail investors access to previously inaccessible real-world assets (RWAs), such as large-scale real estate properties and infrastructure. To expand the reach of Alterna, MDM has partnered with Sony Bank, a member of the Sony Financial Group, to introduce the platform to the Tokyo-based online bank’s clients.