Japanese tech companies are quickly moving into the blockchain and distributed ledger technology (DLT) space, and Fujitsu isn’t one to be left behind. Fujitsu has been analyzing the blockchain world and has discovered a flaw – scammers and people pretending to be someone they’re not. In a bid to help making transactions safer, Fujitsu has unveiled its brand new blockchain based platform that allows for secure and frictionless identify verification – meaning you can trust that the person you’re dealing with is who they say they are.
Real-Time Identity Verification
On Fujitsu’s new platform, users will have to pass a form of KYC and prove their identity. Once they have done this, they will be assigned a trustworthiness score that other users of the platform can see. This helps people to check out the person or company they’re dealing with to ensure they’re not scammers. On top of this, the new platform will allow users to see who people are dealing with and connected to – further enhancing the trustworthiness of someone’s identity.
Could it Tie into FATF’s Regulations?
Towards the end of June, we saw the Financial Action Task Force (FATF) throw out a bunch of new regulations that it wants exchanges to sign up to. Ripple was quick to sign up, subjecting every single XRP address to a FATF risk assessment. If this new blockchain platform from Fujitsu works well, we could see exchanges signing up to it, forcing all customers to prove their identity through it. This would help exchanges adhere to the tough FATF regulations, while taking the pressure off of the exchanges to verify individual customers. CipherTrace and Shyft teamed up last week to help exchanges meet the FATF half way with their new regulation plans. While a very different platform to that from Fujitsu, the project CipherTrace and Shyft are working on will allow exchanges to share data without exposing traders.
The new platform from Fujitsu has a wide range of potential, and given the fact that Japan is home to some of the best and most stringent crypto and blockchain regulations, we could see it made mandatory for all crypto traders in the nation. If Japan takes the leap to implement Fujitsu’s platform as mandatory, we could see it catch on all around the world, a huge stamp of approval for Fujitsu and its latest foray into the blockchain world. It should go live in the next few months to the general public.
