Japanese payment company JCB and Bank Mizuho test blockchain-based identification

Fujitsu has been working on blockchain-based digital identity tools since 2019.

Large financial institutions in Japan are moving to blockchain to streamline digital identity systems.

Japan’s third largest bank, Mizuho Bank, and local payments giant JCB are preparing to test a digital identity interoperability system based on blockchain technology. The new system will use a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on October 15.

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The new joint initiative will allow companies to verify mechanisms for transferring and securely linking members‘ identification information from multiple commercial operators. This data includes names, addresses and employers stored on a cloud platform built by Fujitsu. The pilot project will also involve 100 employees from the Fujitsu Group. The pilot is expected to last about four months.

All three companies – Fujitsu, Mizuho Bank and JCB – have expressed some interest in the block chain industry in recent years.

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Fujitsu has been applying block chain technology to digital identity management tools since 2019. In July of that year, Fujitsu Laboratories introduced its blockchain technology-based solution for assessing the identity of user credentials and the reliability of online transactions. The tool reportedly allows users to assign each member a „reliability score“ based on user ratings stored in a blockchain.

At the end of 2019, JCB, Japan’s largest credit card issuer, announced plans to adopt a new B2B payment solution based on blockchain. To develop the platform, the company partnered with the Paystand blockchain-based merchant payment platform. In May 2020, JCB also partnered with Techfund Technology Accelerator to build a sustainable transaction system in the blockchain.

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In February 2019, Mizuho Financial Group also announced plans to launch a digital currency platform for payments and remittance services.