Japan: Payment company JCB and Mizuho Bank test block-chain-based IDs
Fujitsu has been working on block chain-based digital identity tools since 2019.
Large financial institutions in Japan are increasingly using block chain to streamline digital identity systems.
Japan’s third largest bank, Mizuho Bank, and the local payment giant JCB intend to test a block-chain-based interoperability system for digital identities. The new system will use a block chain solution developed by Fujitsu Laboratories, Fujitsu announced on Thursday.
The new joint initiative will allow companies to test mechanisms Crypto Bull for the secure transmission and linking of member identities from multiple business operators. This data includes names, addresses and employers stored on a cloud platform developed by Fujitsu. The pilot project will involve 100 employees of the Fujitsu group. The pilot project is expected to last about four months.
All three companies, namely Fujitsu, Mizuho Bank and JCB, have shown interest in the blockchain industry in recent years.
Fujitsu has been using block chain technology in digital identity management tools since 2019. In July 2019, Fujitsu Laboratories launched its Blockchain-based solution for evaluating user identities and trustworthiness of online transactions. The tool enables users to assign a „trustworthiness rating“ to each member based on the user ratings stored in a block chain.
In late 2019, JCB, Japan’s leading credit card issuer, announced its intention to launch a new block-chain-based business-to-business payment solution. To develop the platform, the company entered into a partnership with the block chain-based commercial payment platform Paystand. In May, JCB also entered into a partnership with Techfund, a technology accelerator, with the aim of building a sustainable transaction system based on Blockchain.
In February 2019, Mizuho Financial Group also announced its intention to launch a digital currency platform for payments and remittance services.