Categories: Ethereum

Fujitsu Develops Blockchain IDs That Score Trustworthiness in Transactions

Click here to view original web page at www.coindesk.com

Fujitsu Laboratories has unveiled what it calls “digital identity exchange technology” aimed to increase the security of online transactions.

The tech, based on blockchain, makes it possible for individuals and businesses making online transactions to confirm the identity of other parties in transactions. More importantly, the identification system gauges the the “trustworthiness” of the other party’s credentials, the firm said in a press release.

According to Fujitsu Labs:

“The rapid advance of digitalization in recent years has been accompanied by a dramatic rise in the number of online transactions in which users cannot see one another face to face, making it difficult to judge the credibility of the other party and leading to heightened concerns around trust. With reports of fraud and instances of people falsifying personal credentials like work history and professional qualifications growing increasingly prevalent, ensuring the circulation of high-quality, reliable identification data poses an urgent challenge to users and businesses alike.”

The new ID tech addresses this by mutually evaluating the parties in a transaction and looking at past transaction data to analyse the relationships between the parties, as well as others who have transacted with them previously.

Effectively it determines a reputation and rating for each party and records these evaluations on a distributed ledger.

The firm explains:

“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.”

Fujitsu said the technology will enable more secure online services, with the added advantage of “user-friendly” features such as graphics that provide visualizations of the relationships between users.

The Japanese tech firm has been working on numerous blockchain projects in recent years, from providing the underlying tech for inter-bank settlement, to launching a “ready to go” blockchain service that it said could provide a minimum viable product in just five days.

It’s also developed tech aimed to spot problems with smart contracts on ethereum platforms.

Fujitsu image via Shutterstock

The tech, based on blockchain, makes it possible for individuals and […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoins and Cryptocurrency: Myths and realities

Part 2: The Journey This is a story of secret beginnings. A story of a brilliant idea, born of trying… Read More

5 hours ago

Twitter is Losing its S%# Over This $4 Million Golden Toilet

An solid gold toilet from Churchill's birthplace goes missing. | Source: AP Photo, File Golden toilets don’t come around very… Read More

5 hours ago

eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language

eToro , an Israel-based exchange platform, revealed a new programming language designed to simplify derivatives trading.Speaking ahead of the Ethereal… Read More

5 hours ago

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

11 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

11 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More