Japanese payments firm JCB and Mizuho Bank test blockchain-based ID

Fujitsu has been working on blockchain-based digital identity tools since 2019.

Major financial institutions in Japan are moving into blockchain to streamline digital identity systems.

Japan's third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology.

The new system will utilize a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on Oct. 15.

All three companies - Fujitsu, Mizuho Bank, and JCB - have expressed some interest in the blockchain industry in recent years.

Fujitsu has been applying blockchain tech to digital identity management tools since 2019.

The tool reportedly enables users to assign every member a "Trustworthiness score" based on user ratings stored on a blockchain.

In late 2019, JCB - Japan's top credit card issuer - announced plans to adopt a new B2B payment solution based on blockchain.

In May 2020, JCB also partnered with technology accelerator Techfund to build a sustainable transaction system on the blockchain.

In February 2019, Mizuho Financial Group also announced plans to launch a digital currency platform for payments and remittance services.