Fujitsu Develops Blockchain-Based Digital ID Tech To Enable Safer Online Transactionsbr>
Japanese IT firm Fujitsu has developed a blockchain-based solution that enables users and services to confirm the identity of other parties in online transactions.
In a press release, Fujitsu said that it developed a digital identity exchange technology to address the rise of fraud and people faking personal credentials in online transactions. Utilizing blockchain, the company’s new technology analyzes the risk of falsification and the trustworthiness of the other party’s personal credentials when a user conducts a transaction online.
“Fujitsu Laboratories has developed a new digital identity exchange technology for safely circulating personal credentials in a form that enables users to confirm the trustworthiness of the other party, drawing on factors including the status of previous transactions and evaluations by users who had engaged in transactions with the party in question, as part of a decentralized identification system,” Fujitsu said.
The Japanese IT firm claims that the new technolgy is better than other decentralized identification systems because it improves the reliability of insights into the trustworthiness about each user by storing evaluations, such as reputation and rating, on the unfalsifiable distributed ledger of a blockchain.
“This system converts the trustworthy transaction data about individuals shared on the blockchain into a graph structure so that the relationships between users can be understood,” the company said. “A trustworthiness score is attached to each user by weighting factors including how many trusted users evaluate them highly. Even if a user colludes with a third party to improperly raise their evaluation, the graph-structured relationships will reveal information such as the weakness of their relationships with other users, giving the system the potential to identify misrepresentations. Users can have their credentials verified with only a partial disclosure of relevant data, allowing for safe and highly-reliable transactions without forcing users to offer unnecessary personal details.”
According to Fujitsu, their goal is to integrate this new technology into its Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization Service, a cloud-based solution for data utilization powered by blockchain technology, some time in the 2019 fiscal year.