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.
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