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According to the reports from various news outlets and the company itself, Fujitsu Laboratories LTD recently announce that they have created a new virtual identity exchange technology, which is powered by blockchain.
This digital identity technology will make it possible for each user and even service providers that are involved in web transactions to verify the original identity of other users that partake in the transactions.
It is quite understandable why this technology is making the news as there has been a swift development of digitalization over the years, and it has been followed by a gradual increase in the number of online transactions. Users cannot see one another, which makes it quite complex to judge the genuineness of the other person, and that ultimately leads to trust issues impacting trade.
There have been reports all over the news of fraud issues and cases whereby users lie about their personal documents such as work history and other professional qualifications. So it is commendable that Fujitsu Laboratories looked upon these issues and went ahead to create a technology that is based on DID (decentralized identity) and, of course, it makes use of blockchain technology.
About the New Blockchain-Powered Technology
With the aid of blockchain technology, this new development by Fujitsu Laboratories will be analyzing the dangers of falsification and honesty of the other person’s personal documents whenever users execute transactions on the web.
This new technology will achieve its aim via an agreed evaluation of the parties involved whenever a transaction takes place and through inferring the relationship between the parties involved based on their former transaction information.
This new virtual exchange technology looks promising already, and it will be leading us to a future wherein people can easily enjoy online services much more safely, and it offers user-friendly features.
The Main Reason for the Technology
As mentioned earlier, Fujitsu Laboratories focused on the increase in the recent types of businesses that are based on trusts between companies and people, not to forget matching and sharing services. In all of these virtual businesses, it remains very crucial to adequately convey not just the identity but also the personal files of the other person in a transaction. Fujitsu Laboratories looked upon all these and created the virtual identity exchange innovation.
This technology will circulate private documents securely in a way that allows users to verify the trustworthiness of another user. They will be drawing on factors like the status of former transactions and calculations by users who have carried out transactions with the user in question. This is part of the decentralized identification system and is primarily founded on blockchain.
Benefits of the New Technology
This new technology by Fujitsu Laboratories has some incredible benefits, which include:
- It will produce trustworthy transaction information
- It effectively analyses relationships of trust
- It shows only necessary data that is needed
Fujitsu Laboratories plans to continually develop virtual identity exchange technologies as trust-based services platforms for virtual businesses and conduct trials in diverse fields, starting with the finance industry.
Also, Fujitsu will be focusing on implementing their latest technology during the fiscal year of 2019 as the latest functionality in its Fujitsu Intelligent Data Service and Utilization Service as well.
This is hardly the first innovation by Fujitsu that incorporates blockchain technology. The company is already in partnership with Sony to combat fake documentation with a blockchain platform and previously it has boasted a 40% increased efficiency of its blockchain-powered electricity exchange.