The Crypto Times
Image default
News

Fujitsu Laboratories Reveal Blockchain-Powered identity Rating Service

Tech research company Fujitsu Laboratories has unveiled a blockchain-powered solution for assessing user identity, credentials, and credibility in online transactions. 

The Japanese company explained in an official announcement that the solution designates a “trustworthiness score” on users based on their ratings that are saved on a blockchain. Users are said to rate others after a transaction and the system evaluates the data to determine about the users’ relationships. Users can see the other person’s trust score before they agree to continue a transaction.  

Advantages That Other DID Do Not Have

Fujitsu Labs says their solution has several advantages other Decentralized Identification (DID) systems do not have. The latter is a group of solutions for identifying and verifying credentials using third parties. 

There have been instances wherein a user allegedly conspired with a third-party and acted in bad faith and falsified their records. Fujitsu says their solution prevents this kind of conspiracy, thanks to a graph-based strategy that interprets users’ relationships. 

Instead of just relying on raw data, Fujitsu’s blockchain system supposedly sets to weed out any conspiracy by studying the user’s graph, which reveals information like the weakness of certain relationships. This gives the user the chance to establish misrepresentations. 

Fujitsu also announced that it plans to incorporate their new solution with its blockchain-powered Fujitsu Intelligent Data Service Virtuora DX Data Distribution and Utilization this year. 

Fujitsu has another big project up to its sleeve. The company is partnering with Sony to develop a pilot program that would use blockchain technology to ensure school grades and records are secure and more credible. 

Related posts

US Securities Commission Asks Court to Freeze Assets of NY Firm Due to Alleged ICO Fraud

Viena Abdon

New York’s Financial Services Department Reveals Proposed Changes to BitLicense

Viena Abdon

India’s Largest Trade Group Protests against Proposed Cryptocurrency Ban

Viena Abdon

MoneyGram Receives Final $20 Million Funding from Ripple

Viena Abdon

US Government Returns $65 Million Worth of Bitcoin

Viena Abdon

Ethereum and Ripple Drop More Than 7% as Crypto Markets Falter

Viena Abdon