Fujitsu Laboratories has announced the development of a new digital identity exchange solution that utilises blockchain technology.
The new ID tech enables users involved in online transactions to view and confirm the identity of others participating in the proceedings.
With the fast development of digitalisation in payments, Fujitsu explained with the rising reports of fraud and falsifying personal credentials made it clear a product had to be developed.
The technology behind the solution is based on a ‘Decentralised Identification’ and through the use of blockchain it analyses the risk of falsification and the trustworthiness of the other party’s personal credentials when a user conducts a transaction online.
Using previous transaction data, the solution produces a “mutual evaluation of users” when a transaction takes place.
Users can have their credentials verified with only a “partial disclosure of relevant data” in order to allow transactions without the need to force users to offer personal details that is not deemed mandatory.
Fujitsu’s said it promises to create “a future in which people can enjoy online services more safely” by offering user-friendly features.
This includes visual graphics and a “unique trust score” that the firm expects to support a user’s trustworthiness before starting a transaction.
In terms of going forward, Fujitsu said in the announcement: “Fujitsu Laboratories will continue to develop a digital identity exchange technology as a trust-based service platform supporting digital business, conducting trials in a variety of fields, beginning with the finance industry.
“In addition, Fujitsu aims to implement this technology during fiscal 2019 as a new functionality in its Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization Service, a cloud-based solution for data utilization powered by blockchain technology.”
