Japanese Hitachi Presents Innovative Blockchain-Based Payment Method
As Blockchain is gaining attention as a major platform technology for financial transactions recently Hitachi, a Japanese multinational conglomerate company headquartered in Chiyoda, Tokyo, Japan, is going to present a new blockchain-based payment method. The main peculiarity of the method is that the user will be able to approve the purchases through the use of a fingerprint.
According to the recent statement of the company, the Japanese-located conglomerate has gathered a group of specialists to work on the system. The mentioned project is still in pilot stage. Tech Giant Hitachi is in partnership with Japanese telecommunications operator KDDI founded in October 1, 2000 and embedded Hyperledger Fabric blockchain into its biometric ID authentication hardware. An early version of the system which is based on coupons has already been used in Tokyo’s Shinjuku district.
The method will be very easy and comfortable. The buyers using the system will have to register their biometric information and transfer coupon credits to an e-wallet which will be embedded into the system. This information is further kept on the blockchain as encoded data.
Buyers will then be able to pay for purchases using their fingerprint in the shops and stores accepting such coupons. The fingerprint reader capture fingerprint images and pass it on to a fingerprint software for biometric identification, after confirming the ID it transfers a request to the network to approve the purchasing operation.
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