(BlockBar) Fujitsu Labs announced “Digital Identity Exchange Technology” to improve the security of online transactions. Blockchain-based technologies enable individuals and businesses that trade online to identify the identity of other parties involved. Fujitsu Laboratories has developed technology based on a Decentralized Identification (DID)(1) utilizing blockchain that analyzes the risk of falsification and the trustworthiness of the other party’s personal credentials when a user conducts a transaction online.
Online transactions are sometimes insecure and prone to irregularities, which can result in the loss of funds for those who use them. Fujitsu Labs announced “Digital Identity Exchange Technology” to improve the security of online transactions.
To do this, the technology builds on the blockchain and helps those who use it identify the identity of other parties involved in the various transactions to ensure they are dealing with the right parties. In addition to confirming identity, the identification system is used to measure the “trustworthiness” of the other party’s certificate.
According to the Fujitsu Lab: ” 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 technology solves this problem by evaluating each other in the transaction and looking at past transaction data to analyze the relationship between the two parties and the other people who have previously traded with it.
The company explained: “Analyzing Relationships of Trust This system converts the trustworthy transaction data about individuals shared on the blockchain into a graph structure so that the relationships between users can be understood. 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.
The Japanese technology company has been working on a number of blockchain projects in recent years, from providing basic technology for interbank settlement to launching a “ready-to-use” blockchain service that is said to provide a minimum of just five days.
Fujitsu Labs aims to create a society with reliable data by applying this technology to all areas of data utilization.
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