Sony to develop its own blockchain

Sony’s subsidiary, Sony Network Communications, will create a blockchain in partnership with Startale Labs to popularize Web3 and launch its own products.

With a footprint across virtually all sectors, including gaming, technology and finance, Sony Group plans to enter the digital asset industry.

“With experience in communications, the Internet of Things and artificial intelligence, as well as the technical know-how of Startale Labs, we aim to build a global infrastructure that will be the backbone for the Web3 era and will spur innovation across all existing sectors,” said Jun Watanabe, head of Sony Network Communications.

The development company is registered in Singapore. Its starting capital totals 1 million SGD (~$734,000). Investments from Sony and Startale Labs are allocated at a 90% to 10% ratio, respectively.

In 2018, the corporation developed a contactless hardware wallet for cryptocurrencies based on IC-card technology.

Later, Sony Pictures Entertainment filed a patent application for a blockchain-based system for storing digital rights records.

In March 2023, the PlayStation maker disclosed a patent application for NFT products, filed several years earlier. The company aims to create a digital infrastructure that will allow gamers to own collectibles and transfer them between platforms.