Fujitsu, a telecommunications company, has today announced that it has developed a new digital identification technology that will aid in identity verification in online payments. The primary goal of the technology is to enhance security around online transactions.
The project is powered by blockchain technology, which gives it the ability to verify the authenticity of documents. Digital Identification will enable businesses to determine the trustworthiness of their customers. Through the distributed ledger technology, users can share their data on to the network, and then the digital identity technology will analyse the data to determine any falsification. The decentralised identification then rates the trustworthiness of the credentials submitted by the other party.
In their press release, Fujitsu stated that:
“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.”
The identification technology works by comparing data submitted by a user with past transactions they have been involved in before. With this knowledge, the digital identification tech can then report on the reputation of the customer. The results are stored in a distributed ledger meaning other people in need of the same information can access it; however, not all user details are disclosed. Users can decide to share only partial data for verification, which protects them from being forced to submit unnecessary personal details to businesses.
The tech firm has stated that with the “user-friendly features” it has used in the system; it will be easy for users to use the tech, which will improve the accuracy of all analysis made by the digital identification technology. Some of the features used include visual graphics that aid in illustrating the relationship between users.
Fujitsu has been in the blockchain industry for quite some time now having worked on projects such as the technology used to enable inter-bank settlement. With this new technology, the Japanese company is establishing itself even more in the industry, and hopefully, it will help in solving many more problems that can be solved by blockchain technology.