On day-to-day basis, deals are closed basing on the credibility of the other party. However, the emergence of crypto-based transactions brought a new challenge since these transactions are anonymous. Through the challenge developers over at Fujitsu Laboratories saw a gap and now have come up with an identity system based on blockchain technology.
Right at the platform, concerned parties can check the credibility of their recipients through Fujitsu decentralized identification (DID) system. The latter utilizes blockchain technology to gauge the credibility of the other party.
It mutual evaluates users and generates a report which has a score. Through the score, parties on both sides have the upper hand. Basing on the score, they can decide to close the transaction or not. Besides helping parties involved to perform background checks, the identification system helps prevent falsification of records.
How Fujitsu DID Works
The Fujitsu ID system works by going through previous transactions the user has carried out before the current one. From the past transactions, the system checks the rate scores given to the particular trader by other users who have made a transaction with them. After the analysis, the Fujitsu ID system generates the overall rating and presents the data to users.
Similarly, the systems also help improve the trustworthiness of traders since data is stored in an unfalsifiable distributed ledger on blockchain technology. Furthermore, it helps improve the reliability of insights. However, on the other hand, some may argue the Fujitsu Identification checking system invades their privacy. Hence, these transactions lose their most essential nature anonymity.
To prevent such cases, Fujitsu performs its background checks using only relevant data. The identity of the user is verified using only partial disclosed data, and Fujitsu doesn’t request for any further details. Through that, your data is safe, and the anonymous nature of crypto-based transactions is upheld. With the system up and running, users can easily verify businesses together with individual identity and know who to trust when making transactions online.
For Fujitsu, this a start of many projects set to come out through its data utilization cloud-based solution on blockchain technology. The ID system is one among the many since Fujitsu has already set plans in motion to carry out more trials.
