Mizuho Bank, the third-largest bank of Japan, and local payment giant JCB are moving into the blockchain to streamline digital identity systems.
It has been reported that both are preparing to pilot a digital identity interoperability system based on blockchain technology.
However, the new system will utilize a blockchain solution developed by Fujitsu Laboratories.
The report said that the new joint initiative will allow the companies to verify mechanisms to securely transfer and link member ID information by multiple business operators. This data includes names, addresses, and employers stored on a cloud platform built by Fujitsu. The pilot will also involve 100 Fujitsu Group employees. The pilot is expected to last for about four months.
All three companies Fujitsu, Mizuho Bank, and JCB, have expressed some interest in the blockchain industry in recent years.
Likewise, Fujitsu has been applying blockchain technology to digital identity management tools since 2019. In July 2019, Fujitsu Laboratories introduced its blockchain-based solution for evaluating user credential identity and trustworthiness in online transactions.
Japan’s top credit card issuer JCB and Mizuho Bank are piloting a digital identity system based on a #blockchain platform built by @Fujitsu_Global https://t.co/mO1gSMMva5 — Cointelegraph (@Cointelegraph) October 19, 2020
The tool reportedly enables users to assign every member a “trustworthiness score” based on user ratings stored on a blockchain.
Moreover, in late 2019, JCB announced plans to adopt a new business-to-business payment solution based on blockchain. In order to develop the platform, the company partnered with blockchain-based commercial-payments platform Paystand.
Thus, in May, JCB also partnered with technology accelerator Techfund to build a sustainable transaction system on the blockchain.
Source: Cointelegraph