Fujitsu have announced in a press release that they have developed an identity verification system that utilises blockchain technology.
The so called digital identity exchange technology makes it possible for users and businesses that facilitate online transactions to confirm the identity of others involved in the transaction. The development was sparked by a big increase in the number of transactions taking place online, resulting in issues relating to lack of credibility and trust.
This Decentralised Identification (DID) software uses blockchain technology to analyse the risk of falsification as well as the trustworthiness of the other party’s credentials. It conducts a mutual evaluation of the users as the transaction occurs, based on current and previous transaction data. This means that the identity of the individual can be guaranteed, registered, and recorded in an immutable way on the blockchain.
Fujitsu have stated that the technology will generate trustworthy transaction data, analyse relationships of trust, and will only disclose information that is completely necessary, protecting identities and retaining security.
Facebook crypto receives scathing review from Nobel Prize winner
Facebook’s new foray into the world of cryptocurrency, otherwise known as “Libra” has come under fire from Nobel Prize-winning economist Joseph Stiglitz. According to him “the last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.”
He added that he believes the traditional banking sector has fostered considerable financial transparency and made it more difficult for money to be laundered and illicit activities to take place.
Stiglitz also accused the social media giant of just being in it to make profit at the detriment of clients adding that “Facebook has earned a level of distrust that took the banking sector much longer to achieve.” He concluded that Facebook has always chosen money over honouring their promises and “nothing could be more about money than creating a new currency.”
Bitcoin to hit $100,000 by end of 2021 according to Pompliano
Co-founder of crypto asset management firm Morgan Creek Digital Assets, Anthony Pompilano has predicted that Bitcoin will hit $100,000 by the end of 2021.
During an interview with BloxLive.tv earlier this week, he stated that his reasoning behind such a positive outlook was down to simple supply and demand economics. He added that one of the largest drivers of continued price increases will be the halving of mining rewards in May 2020. Most investors are not aware of the upcoming decrease in the rewards received from mining.
Pompilano has said that his current confidence level of 70%-75% in this prediction is set to increase to 90%. He added that Facebook’s Libra is set to act like a “gateway drug” for cryptocurrency and will encourage widespread adoption whilst increasing confidence levels.