Japanese based Fujitsu Laboratories Ltd. today announced its Digital identity exchange technology. This tech enables individual users and business services involved in online transactions to confirm the identity of other parties involved in the transaction.

To reduce risk counterparty frauds in online transactions Fujitsu Laboratories developed a blockchain-based tech solution that analyzes the risk of falsification and the trustworthiness of the other party’s personal credentials when a user conducts a transaction online. This is achieved by a mutual evaluation of the user when a transaction occurs, and by inferring the relationships between users based on past transaction data.

The Blockchain-based technology analyzes the trust relationship of each user which allows the system to determine the trustworthiness of the counterparty engaged in an online transaction. It allows users to easily confirm their personal credentials while they’re entering in an online transaction. This solution helps companies to build a digital ecosystem which makes online transactions safe and secure.
The Japanese based tech company will continue to develop a digital identity exchange technology as a trust-based service platform and will conduct trials in a variety of fields.

In addition, Fujitsu aims to implement this technology during the financial year 2019 as new functionality in its Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization Service which is believed to be a cloud-based solution for data utilization technology solution powered by blockchain technology.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
imp-loader
preloader