Fujitsu, which is one of Japan`s largest appliance manufacturers in the world, announced that the organization is putting extra efforts in the research and development of a “platform for digital identity exchange”. This platform will aim to improve the security and speed aspects of online shopping.
The blockchain technology enables transparent transactions to be made with improved safety and security features for both buyers and sellers around the globe.
Based on a statement made from Fujitsu labs, online transactions have transformed the business world as a more hostile place as buyers and sellers know little about each other. “With numerous reports of fraudulent behavior from individual 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.”, Fujitsu Labs state.
The new platform will evaluate both parties, and will also look for signs of unworthiness for the both sides of a deal. The system will also have a built-in rating system operating on a distributed ledger.
“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.”
The primary goal for Fujitsu is to make the online payment transactions a more secure. The platform will have a user-friendly user interface with graphics for ratings and user relationships.
This is not Fujitsu’s first blockchain project. Over the past couple of years, the Japanese tech giant worked on bank settlement protocols and blockchain services, which were on stand-by in case there is a need of integration and implementation as part of the business operations cycle. Their products could be deployed in a matter of a week.
Fujitsu also worked on technologies to help identify problems with the use of smart contracts on Ethereum’s blockchain and the corresponding platforms built on top of it.