Japanese bank Mizuho Bank has partnered with local payments firm JCB and Fujitsu Laboratories to test blockchain-based digital identity tools. Fujitsu Laboratories, which developed the proposed blockchain solution for the new system, revealed details on the partnership in an announcement on the 15th of October.
The three companies will jointly pilot a system that will ensure the security of sensitive information. Now, ID information used by companies during transactions will be protected with the help of the new joint initiative.
Also, the pilot process, which is scheduled for four months, will involve employees of Fujitsu Group in Japan. About 100 employees of the company will serve as participants for the test.
In addition, Fujitsu said in the announcement:
“Through this demonstration trial, Fujitsu, JCB and Mizuho Bank will confirm the accuracy of ID information held by multiple business operators and verify the mechanism by which customers can safely and securely control the distribution of ID information.”
Over the years, Mizuho Bank, Fujitsu, and JCB have been making efforts to venture into the blockchain industry. In 2019, Fujitsu unveiled a blockchain-based solution to verify users’ identities and rate their trustworthiness.
Also in 2019, JCB partnered with commercial payments platform Paystand to develop a new business-to-business payments solution, based on blockchain technology. Similarly, JCB also collaborated with Techfund to create a blockchain-based sustainable transaction system in May 2020.
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