Fujitsu creates digital identity exchange technology on blockchain

client identity mifid

Fujitsu Laboratories creates artificial intelligence and innovative computing solutions for their clients. The company has recently announced that it will develop a digital identity exchange based on the technology of blockchain that will prove reputation and the validating of users.

The idea is to enable stakeholders in different online transactions to verify the other party’s identity in an easy and efficient manner. The “exchange” will enable both businesses and individual users to validate the other party’s identity.

The interesting implementation of blockchain is in the technology underlying the product. The Fujitsu technology for this project was created on Decentralized Identification system or DID. In this system, a third party guarantees, through blockchain, the identity and personal credentials of a person. The entire process allows for minimizing the risk of falsification of data and increasing the trust between the parties involved in a particular online transaction.

This is what Fujitsu stated in its announcement of the product:

Fujitsu’s new digital identity exchange technology promises a future in which people can enjoy online services more safely, offering user-friendly features including graphics to visualize the relationships between users, as well as a unique “trust score” that make it easier to determine each user’s trustworthiness before starting a transaction.

The project aims to contribute to the development of a reliable identification process for different stakeholders in online transactions.

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