Fujitsu has been engaged on blockchain-based digital identification instruments since 2019.
Fujitsu has been engaged on blockchain-based digital identification instruments since 2019.
Main monetary establishments in Japan are shifting into blockchain to streamline digital identification programs.
Japan’s third-largest financial institution, Mizuho Financial institution, and native fee big JCB are making ready to pilot a digital identification interoperability system primarily based on blockchain expertise. The brand new system will make the most of a blockchain resolution developed by Fujitsu Laboratories, Fujitsu introduced on Oct. 15.
The brand new joint initiative will permit the businesses to confirm mechanisms to securely switch and hyperlink member ID data by a number of enterprise operators. This knowledge consists of names, addresses and employers saved on a cloud platform constructed by Fujitsu. The pilot may even contain 100 Fujitsu Group staff. The pilot is anticipated to final for about 4 months.
All three corporations — Fujitsu, Mizuho Financial institution, and JCB — have expressed some curiosity within the blockchain business lately.
Fujitsu has been making use of blockchain tech to digital identification administration instruments since 2019. In July 2019, Fujitsu Laboratories launched its blockchain-based resolution for evaluating consumer credential identification and trustworthiness in on-line transactions. The instrument reportedly permits customers to assign each member a “trustworthiness rating” primarily based on consumer rankings saved on a blockchain.
In late 2019, JCB — Japan’s high bank card issuer — introduced plans to undertake a brand new B2B fee resolution primarily based on blockchain. In an effort to develop the platform, the corporate partnered with blockchain-based business funds platform Paystand. In Might 2020, JCB additionally partnered with expertise accelerator Techfund to construct a sustainable transaction system on the blockchain.
In February 2019, Mizuho Monetary Group additionally introduced plans to launch a digital forex platform for funds and remittance providers.