Fujitsu’s blockchain-based digital identity tech to futurize online transactions

Fujitsu Laboratories announced on 04 July that it had developed a novel digital identity exchange technology that confirms the identity of other parties in transactions.

Fujitsu highlighted that the offering would allow either individual users or service businesses to establish authenticity of the other party. Fujitsu noted that the service of a third party is totally negated. Fujitsu touched upon a bit of historical reference quoting the rise of digitization and online transactions. The tech firm noted that in such forms of transaction, users actually cannot meet face-to-face making credibility a grave concern.

Fujitsu further added that due to the inability for a complete evaluation of parties, there is an elevated concern around trust. The tech firm suggested that with the rising cases of incidents and reports about fraud, securing unadulterated credentials about individuals becomes a challenge to users or businesses alike. Fujitsu noted that vital information like professional qualifications or work history were paramount to run any business smoothly.

Fujitsu Laboratories commented on its new offer as – 

“To address this, Fujitsu Laboratories has developed technology based on a Decentralized Identification (DID) utilizing blockchain that 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 briefly touched upon the key benefits of its digital identity exchange technology. The tech firm promised a future where customers can enjoy online services safely. Fujitsu emphasized on the cutting edge features like graphics which could be leveraged to visualize the relationships between users. Fujitsu further added on the availability of a singular “trust score” which makes it seamless to establish trustworthiness before starting a transaction.

In May, there were reports of Hyperledger Aries set to scale identity-based solutions. The project would provide code for secrets management, peer-to-peer interaction, verifiable information exchange, and secure messaging for different decentralized systems. The broad goal of Hyperledger Aries was to provide a resilient set of tools to store and exchange data related to blockchain-based identity. 

Fujitsu wrapped up by informing about the future plans of its project. The laboratory would continue to develop its digital identity exchange technology as a service platform supporting digital business. Fujitsu would conduct trials in a variety of domains beginning with the finance industry. The tech giant emphasized that it aims to implement the technology as new functionality in its cloud-based solution for data utilization.