Fujitsu Labs Releases Blockchain ID Tool for Online Transactions “Digital ID Exchange Technology”

Online transactions, for all their benefits, have their downsides are one of these is a fact that sometimes they are not secure and are sometimes prone to breaches which could lead to the loss of funds on the part of those who make use of them.

Now, Fujitsu Laboratories is looking to combat this as they have unveiled a digital identity exchange technology which aims to increase the security that surrounds various online transactions.

To do this, the technology is built on blockchain and helps those who make use of it to confirm the identity of other parties that are involved in various transactions to make sure that they are dealing with the correct parties. Besides confirming identity, the technology also evaluates the validity and trustworthiness of the other party's credentials.

This helps to address common issues that are found in the world of online transactions as people often claim to be other people in order to get their victims to hand over funds or make certain online transactions under false pretenses of the use of this technology the identity of those that the users are dealing with can be confirmed at any given time.

Also, the credentials that have been brought forward by the other party can be gauged for how trustworthy it is and this will reduce instances of fraud and users being taken advantage of by dishonest persons.

Confirmation of Identity

“The rapid advance of digitalization in recent years has been accompanied by a dramatic rise in the number of online transactions in which users cannot see one another face to face, making it difficult to judge the credibility of the other party and leading to heightened concerns around trust.

With reports of fraud and instances of people falsifying personal credentials like work history and professional qualifications growing increasingly prevalent, ensuring the circulation of high-quality, reliable identification data poses an urgent challenge to users and businesses alike,” the press release says.

The new technology also evaluates the parties that are taking part in the transaction and looks at their past transaction history in order to determine their relationship as well as other parties they have engaged in.

By doing this, it can determine the reputation of all parties involved and whether or not they have a history of fraudulent and dishonest behavior and should they have such a history, it will be reported to the other party who can choose not to engage with them.

Fraud takes place all over the world and all facets of life but across the internet, it is sometimes harder to determine but with the use of new technologies such as these, those who are known to be fraudulent in their dealings will have nowhere to hide and will likely be exposed.

“A trustworthiness score is attached to each user by weighting factors including how many trusted users evaluate them highly. Even if a user colludes with a third party to improperly raise their evaluation, the graph-structured relationships will reveal information such as the weakness of their relationships with other users, giving the system the potential to identify misrepresentations,” the release says.

Fujitsu has also said that the technology will help to secure more online services on also have user-friendly features such as graphics that will help visualize the relationship between various uses.

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