- Fujitsu announces the development of a ‘platform for digital exchange identity’
- The platform will improve the security of online shopping
On July 4th, 2019, Fujitsu, a Japanese multinational IT equipment and services company, announced their plans to research and develop a platform for digital exchange identity. The platform intends to incorporate blockchain technology to improve the security and speed of online shopping. This will be made possible by the transparency of transactions that blockchain technology has to offer. A statement from the Fujitsu Labs report read:
“With numerous reports of fraudulent behavior from individuals and businesses, we must ensure digital identity data such as work experience and professional qualities are securely transferred between parties. This is a real challenge.”
Targeting online shopping with blockchain
To improve the security of online shopping, the platform will evaluate both the buyers and sellers. Because buyers and sellers do not know each other, online transactions have become a risky affair. For this reason, the platform will look for signs of shady deals from both parties.
Fujitsu is also set to have a built-in rating system and a user-friendly interface with graphics for ratings and user relationships. The rating system will operate on a distributed ledger. Trust ratings on the platform will be based on client and seller reviews. As such, evaluations are an integral part of the platform. In case of any rating manipulation, the system will detect immediately as long as both parties identify and agree on the manipulation:
“Evaluations will become extremely important because our platform will place trust ratings according to client/seller reviews. If both parties identify and agree that there has been a rating manipulation, the system will detect it and will identify it immediately.”
Previous Fujitsu projects
Fujitsu has previously worked on other blockchain projects. The Japanese organization has worked on Ethereum’s blockchain. They have been able to identify risks of using smart contracts on Ethereum and the corresponding platforms built on top of it.
Fujitsu has also worked on bank settlement protocols and blockchain services in the past few years. These were held on standby should the need arise to include them in the business operation cycle.
Also, as reported On April 3, 2019 by Blockchainreporter, Fujitsu showcased IOTA at the Hannover Messe Conference that was focused on industry 4.0 – exhibiting innovations sucha as Internet of Things (IoT):
“We demonstrate how IOTA can be used to track component and process data as part of supply chain management and how it can be stored unalterably in the IOTA Tangle – for example, as proof of original components or for warranty management.”