Fujitsu Laboratories has unveiled what it calls "digital identity exchange technology" aimed to increase the security of online transactions.
The tech, based on blockchain, makes it possible for individuals and businesses making online transactions to confirm the identity of other parties involved. More importantly, the identification system gauges the the "trustworthiness" of the other party's credentials, the firm said in a press release.
According to Fujitsu Labs:
The new ID tech addresses this by mutually evaluating the parties in a transaction and looking at past transaction data to analyse the relationships between the parties, as well as others who have transacted with them previously.
Effectively it determines a reputation and rating for each party and records these evaluations on a distributed ledger.
The firm explains:
Fujitsu said the technology will enable more secure online services, with the added advantage of "user-friendly" features such as graphics that provide visualizations of the relationships between users.
It's also developed tech aimed to spot problems with smart contracts on ethereum platforms.
Fujitsu image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.