Fujitsu to develop blockchain-based technology for confidential data

FinTech | November 1, 2016 By:

Japan-based Fujitsu Laboratories and Fujitsu Laboratories of America are developing tools for securely sharing documents via blockchain, with an eye to bring commercial products to market next year.

Fujitsu said in a release that it is currently designing two new types of blockchain-based systems – dubbed “transaction restriction technology” and “document encryption technology.”

“With a view to applying the blockchain to a variety of fields, Fujitsu Laboratories has now developed two technologies: a transaction restriction technology based on pre-established policies to restrict trading, such as by restricting users, and a document encryption technology, which allows only relevant parties who hold multiple distributed keys to securely access the information recorded in the blockchain,” said Fujitsu.

With transaction restriction technology, operations preventing the misuse or abuse of keys become possible, enabling safer use of the blockchain. With document encryption technology, it is also possible to create a workflow where documents are acknowledged by collective decision making or between specified organizations, or where they can be restored when keys are lost. The application of these security technologies will enable Fujitsu Laboratories to contribute to expanding the applicable fields where blockchain can be used, beyond finance to a variety of areas, such as logistics, supply chain, and official document management.

The company said it would look to apply the tech to supply chain and back office environments, though it didn’t offer details on the specific industries for which they’re aiming.