Japanese IT company Fujitsu Laboratories has unveiled its blockchain technology to authenticate the identities of parties conducting online transactions. The distributed ledger technology-based (DLT) system also gives businesses and individuals a trustworthiness score dependent on a number of factors, including how other users rated them. The exchange also evaluates data of past relationships with partners, meaning that attempts to improperly raise an entity's reputation through collusion would be identified. According to Fujitsu's press release, the new system, which is based on Ethereum, will allow for more efficient transactions by eliminating middlemen in the payment process.
Japanese IT company Fujitsu Laboratories has unveiled its blockchain technology to authenticate the identities of parties conducting online transactions. The distributed ledger technology-based (DLT) system also gives businesses and individuals a trustworthiness score dependent on a number of factors, including how other users rated them. The exchange also evaluates data of past relationships with partners, meaning that attempts to improperly raise an entity's reputation through collusion would be identified. The newly created technology is designed to combat the rise of fraudulent personal credentials online, thereby enabling users to have confidence that transactions are secure.