Japanese financial institutions are betting on blockchain technology to launch advanced digital identity systems, media reports said. It is reported that Japan’s Mizuho Bank and payment major JCB along with Fujitsu are gearing up for a pilot programme to roll out a blockchain-based digital identity interoperability system.
The blockchain solution for the trail is developed by Fujitsu Laboratories. All the three Japanese companies have expressed their interest in the blockchain space in recent years. The new pilot programme will last for four months, involving 100 Fujitsu employees.
The new development will enable secure transactions involving sensitive user ID information between companies and industries through multiple business operators. Fujitsu’s newly developed cloud platform will store all data such as names, addresses and employers.
Fujitsu, told the media, “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. Going forward, JCB, Mizuho Bank, and Fujitsu will consider innovative service models best suited to ID information management, regardless of the industry or sector.”
Fujitsu has been using blockchain in its digital identity management tools from last year. Fujitsu Laboratories rolled out a blockchain-based solution for assessing user credential identity and trustworthiness in online transactions last year itself. The tool allows users to assign every member a score based on user rating through blockchain.
The new development is a big achievement for the blockchain industry in terms of innovation.