Three major Japanese players in technology, payments and banking will run a joint trial to determine how well a new blockchain-based identity verification system operates across companies and industries, the firms announced Thursday (Oct. 15).
Expertise powerhouse Fujitsu Restricted mentioned it had developed the blockchain system on the heart of the newly introduced trial in 2019. On the core of the system, which Fujitsu calls “Id Change,” is the principal that decentralized knowledge can be utilized to shortly assess the trustworthiness of potential events in a transaction.
Becoming a member of Fujitsu in testing real-life purposes of the system — 100 Fujitsu staff will use the system to conduct transactions for an anticipated 4 months — are JCB and Mizuho Financial institution.
JCB is a significant participant within the funds sector in Japan, reporting 141.5 million card members and $321.6 billion in 2019 transactions. Mizhou Financial institution is a unit of Mizhou Monetary Group and among the many bigger banks in Japan.
“By this demonstration trial, Fujitsu, JCB, and Mizuho Financial institution will affirm the accuracy of ID data held by a number of enterprise operators and confirm the mechanism by which prospects can safely and securely management the distribution of ID data,” the businesses mentioned in a ready assertion. “Going ahead, JCB, Mizuho Financial institution, and Fujitsu will take into account revolutionary service fashions finest suited to ID data administration, whatever the trade or sector.”
JCB and Fujitsu have been conducting a joint analysis mission on digital id since 2019, the businesses wrote within the information launch. “From the point of view of enhancing the administration and reliability of data held by a number of events, we’re conducting an indication trial on an interoperability mannequin of id data along with Mizuho Financial institution.”
Whereas the taking part corporations’ work was underway nicely earlier than the COVID-19 pandemic, numerous specialists predict the disaster will speed up the demise of money or plastic playing cards as important parts of economic transactions.
In March, Philipp Pointner, chief product officer at Jumio, advised PYMNTS the funds trade is working to get beyond the problems which have made some authentication and belief programs “clunky” and “troublesome.”