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Fujitsu announces Blockchain powered Digital Identity Technology for Online Transactions

Fujitsu announces Blockchain powered Digital Identity Technology for Online Transactions

Fujitsu Laboratories announced a blockchain powered digital identity exchange technology for individual users and service businesses.

The Decentralized Identification (DID) technology utilizing blockchain helps in confirming the identity of other parties involved in online transactions. The system analyzes the risk of falsification and the trustworthiness of the other party's personal credentials in an online transaction.

Online transactions are now mainstream. The verification and validation of digital identities are important in today's environment. It is important to understand another party in the transaction is not falsifying their credentials.

Fujitsu said, "The new technology achieves this through a mutual evaluation of the users when a transaction occurs, and by inferring the relationships between users based on past transaction data."

The new system ascertains the trustworthiness of other party based on factors various factors. The important factors are the status of previous transactions and evaluations by users who had engaged in transactions with the party in question, as part of a decentralized identification system.

These evaluations are recorded on the unfalsifiable distributed ledger of a blockchain. This helps the Decentralized Identification system to improve the reliability of insights into the trustworthiness about each user.
PC: Fujitsu - Process of distributing credentials with the new technology

While explaining Relationships of Trust in a transaction, Fujitsu said, "A trustworthiness score is attached to each user by weighting factors including how many trusted users evaluate them highly. Even if a user colludes with a third party to improperly raise their evaluation, the graph-structured relationships will reveal information such as the weakness of their relationships with other users, giving the system the potential to identify misrepresentations." 

According to the announcement, Fujitsu plans to implement Decentralized Identification (DID) technology in fiscal 2019. Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization Service will introduce blockchain powered digital identity exchange technology.

Title PC: pablo,pixabay

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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