Fujitsu develops blockchain-based digital ID technology to improve trustworthiness of online transactions
Thu, 04 Jul 2019, 11:22 am UTC
Japanese IT giant Fujitsu has developed what it calls “a digital identity exchange technology” that will enable individual users and service businesses involved in online transactions to confirm the identity of other parties in transactions.
The company noted that with the recent progress made in digitization, which is accompanied by a spurt in the number of online transactions, the instances of fraud and people faking personal credentials are also on the rise.
Based on blockchain-based Decentralized Identification (DID), the technology developed by Fujitsu analyzes the risk of falsification and the trustworthiness of the other party's personal credentials when a user conducts a transaction online.
“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,” Fujitsu said.
It emphasized that the technology would enable people to enjoy online services more safely. The technology, it added, will offer user-friendly features including graphics to visualize the relationships between users, as well as a unique "trust score" that will help determine each user's trustworthiness before starting a transaction.
“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,” it said.
According to the press release, Fujitsu aims to implement this technology during fiscal 2019 as a new functionality in its Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization Service, a cloud-based solution for data utilization powered by blockchain technology.
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