A new blockchain based system is taking the market by
A new blockchain based system is taking the market by storm. Hitachi, the retail giant and the telecommunication monster KDDI are currently in the process of testing this new blockchain based system which would enable customers to settle their retail by using their fingerprints. Word on the market is that the staff from the two companies has already begun their experimentation with a new coupon settlement system which is currently in place in a KDDI branch in Tokyo’s Shinjuku district.
According to reports, the technology is being built by Hitachi and the technology being used is Hyperledger Fabric platform. Furthermore, this blockchain system would be also amalgamate with Hitachi’s biometric verification and KDDI’s existing coupon system. The distributed network that the blockchain would put in place would settle the coupon transactions of shoppers and their fingerprints would be used as their validators.
So how would this system work? According to Hitachi, the shoppers will need to input their coupon credits and biometric information, as soon as they sign up to this new system. Those details will then be stored on the blockchain in the form of encrypted data.
So the next time a consumer visits a retail store that uses this technology and accepts coupons, they will have to use their fingerprint to verify their identity, and the request will then be broadcasted and the transaction they had initiated, will be settled.
What Hitachi aims to do is to come up with a superior system that is secure and can’t be tampered with, thereby proving itself as an accurate ledger for storing customers’ identity and coupon usage details and making sure it is updated in other retail stores across the network.
Hitachi said in their official release. “As a result, users can authenticate themselves by holding the finger on the authentication infrastructure, so it is not necessary to present a coupon at the store, and the coupon can be used even without a smartphone.”
This is however not the first time that Hitachi is getting into the blockchain industry. Just last year they had announced that they were in the process of developing a blockchain platform for supply chain businesses to track and manage orders and invoices on an immutable ledger.