Fujitsu-developed blockchain DID technology will significantly improve transaction reliability.
Fujitsu stated in a press release that their laboratory has created a blockchain-driven system for verifying the identities of online payment participants and assessing the credibility of other users.
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Fujitsu is a leading global Japanese information and communication technology (ICT) company, providing a wide range of technology products, solutions, and services. Due to the increasing number of online transactions in recent years, there has been a rise in untrustworthy users and certificates. As stated by Fujitsu Laboratories:
The rapid increase in online transaction volume has led to the rapid development of digitization in recent years. Users cannot see each other face-to-face, making it difficult to judge each other's credibility. With fraud and falsification of personal certificates (such as work history and professional qualifications) becoming more common, improving the quality and reliability of data is an urgent challenge for both users and enterprises.
According to a report, Fujitsu has provided a tool for individuals and enterprises that utilizes Decentralized Identifiers (DID). This tool can record each transaction, store the data in a shared "indivisible distributed ledger," and analyze potential risks of forgery.
In simple terms, it's like when we shop online and often check the seller's reputation. The new technology introduced by Fujitsu can more fairly and transparently protect the reputation of each user and record it in their respective distributed ledgers.
The laboratory further added:
Even if users collude with third parties to unfairly boost their evaluations, the structural relationships shown in the chart will reveal abnormal information about their relationships with other users, allowing the system to identify false statements.
Implementing this technology will bring more secure online services and additional benefits with the "judging good users" feature.
Further Reading
- Longenesis to introduce blockchain to transform South Korean medical services
- Italian Banking Association officially adopts blockchain technology to enhance transparency and efficiency
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