The blockchain is an indisputably intelligent invention which successfully manages to attract a huge part of the Information Technology world. This technology allows digital data to be scattered but do not allow it to be duplicated. Blockchain has created an entirely new type of network. Bitcoins or cryptocurrency for which blockchain was originally devised is now limited to them only. Tech community has now found new potential avenues for this commendable invention.
Recently blockchain technology is being made by Japanese tech giants in their initiative to make existing systems more effective, efficient and user-friendly.
A new remittance system that will be based on blockchain technology will make use of customers’ fingerprints to make successful payments in retail stores. The new innovative technology is being tested by technology giants Hitachi and telecom colossus KDDI.
According to the news that came out this Wednesday, a team of employees from both of the companies is testifying token-based payment method set up in Tokyo’s Shinjuku districts KDDI store and also on a donut shop situated locally.
According to reports Hitachi built this system using hyper ledger fabric framework. This blockchain based payment method is combined with bio-metric authentication of Hitachi and existing coupon system of KDDI. The new remittance system aims at completing transactions which are distributed over a network with the help of fingerprints of the customers as authorization.
Hitachi also explained the working of this system. They said as soon as the users will sign up into the system they will be asked to register their coupon credits and also their bio-metric details. All these information will be then cryptographed into a strand of encrypted data and then it will be stored in the blockchain.
When a transaction is proposed at a retail shop that takes coupons and that also is a part of the blockchain, to complete the transaction the customer will be required to authenticate himself with the help of fingerprint reading machine that will transmit the request to the network.
Hitachi also emphasized that their ultimate aim is to use blockchain that cannot be tampered which will provide assistance in verification of users’ fingerprints, and also will keep user’s coupon usage info authentic and up to date across all the stores that are in the network at the same time.
The company on the release of the technology said, “Users can validate themselves by just pressing their finger on the fingerprint sensing machine, and so they can use their coupons even without smartphones. There is also no need to showcase coupons at the store.”
If the customers feel more relaxed and free from the burden of carrying coupons to the store, the stores will eventually actively participate in this experiment and will also contribute in making this pilot test successful, this is what the company intends.
This project initiated by Hitachi is an experiment to use blockchain technology in retail business. Last year, the company also made an announcement regarding the development of blockchain podium for supply chain businesses to help them maintain orders and invoices on an unchangeable log.