JCB, Mizuho Bank and Fujitsu to test blockchain-based identity exchange technology for securing transactions

Fujitsu JCB blockchain based digital identity exchange platform diagram
IDENTITY EXCHANGE: The blockchain-based system aims to ensure secure transactions involving user ID

One hundred employees of Japanese tech giant Fujitsu are taking part in a four-month trial of a blockchain-based interoperable identity verification system that “enables secure transactions involving sensitive user ID information between companies and industries”.

The system uses “self-sovereign and decentralised digital identity exchange technology” developed by Fujitsu with the aim of “improving the management and reliability of information held by multiple parties”.

The trial is being carried out with the participation of Mizuho Bank and payments network JCB, which “will verify mechanisms to securely exchange and link participant ID information, such as names, addresses, and employers, on a cloud platform”.

“Participants will freely combine or encrypt the electronic certificates they receive from JCB and Mizuho Bank in order to link their own identities online in a secure and reliable method to other businesses,” Fujitsu explains.

“Going forward, JCB, Mizuho Bank, and Fujitsu will consider innovative service models best suited to ID information management, regardless of the industry or sector.”

The trial is due to be completed in January 2021.

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