Mizuho Bank and credit card issuer JCB to launch Blockchain-based Digital identification system

Japanese bank Mizuho Bank and credit card issuer JCB will launch a digital identification system using a blockchain developed by Fujitsu Laboratories.

The organizers of the pilot project said that companies will be able to securely exchange corporate data: names, addresses and other information about employees, which is stored on a cloud platform created by Fujitsu. About 100 Fujitsu Group employees will take part in the testing of the system, and it will last about four months. In recent years, Fujitsu, Mizuho Bank, and JCB have begun to take a particular interest in the blockchain industry.

Fujitsu has been using this technology to create digital identification tools since last year. In July 2019, Fujitsu introduced a digital identity exchange technology that allows businesses and individuals to authenticate other parties ‘ data to ensure the security of transactions. In addition, in February 2019, Fujitsu, together with Sony, developed a blockchain-based database to combat document forgery.

Recall that at the end of last year, the payment giant JCB announced its intention to introduce a new B2B payment solution based on the blockchain. JCB engaged the electronic payment operator Paystand to create the platform.

In addition, this year JSB entered into a partnership agreement with the technology accelerator TECHFUND to develop a payment system on the blockchain. Bank holding Mizuho Financial Group previously announced the creation of its own stablecoin J-Coin and mobile payment application J-Coin Pay.