Main monetary establishments in Japan are shifting into blockchain to streamline digital id programs.
Japan’s third-largest financial institution, Mizuho Financial institution, and native cost big JCB are making ready to pilot a digital id interoperability system based mostly on blockchain know-how. The brand new system will make the most of a blockchain answer developed by Fujitsu Laboratories, Fujitsu announced on Thursday.
The brand new joint initiative will enable the businesses to confirm mechanisms to securely switch and hyperlink member ID info by a number of enterprise operators. This information consists of names, addresses and employers saved on a cloud platform constructed by Fujitsu. The pilot can even contain 100 Fujitsu Group staff. The pilot is anticipated to final for about 4 months.
All three corporations — Fujitsu, Mizuho Financial institution and JCB — have expressed some curiosity within the blockchain business lately.
Fujitsu has been making use of blockchain tech to digital id administration instruments since 2019. In July 2019, Fujitsu Laboratories introduced its blockchain-based solution for evaluating consumer credential id and trustworthiness in on-line transactions. The device reportedly permits customers to assign each member a “trustworthiness rating” based mostly on consumer rankings saved on a blockchain.
In late 2019, JCB — Japan’s high bank card issuer — announced plans to undertake a brand new business-to-business funds answer based mostly on blockchain. With a view to develop the platform, the corporate partnered with blockchain-based commercial-payments platform Paystand. In Could, JCB additionally partnered with know-how accelerator Techfund to build a sustainable transaction system on the blockchain.
In February 2019, Mizuho Monetary Group additionally introduced plans to launch a digital currency platform for funds and remittance companies.