Global tech company testing blockchain-powered fingerprint payments system | finder.com

Global tech company testing blockchain-powered fingerprint payments system

Peter Terlato 26 July 2018 NEWS

The settlement system was deployed in a KDDI store in Tokyo’s Shinjuku district and in a local donuts store.

Hitachi, a multinational Japanese technology company, has begun trialing a blockchain-based biometrics authentication system which can settle everyday retail coupon payments using shoppers’ fingerprints.

Hitachi partnered with telecommunications company KDDI for the trial, according to a recent press release. Customers sign up to use the platform by encoding their biometric information and coupon credits into the system, which is then recorded and stored on the Hyperledger Fabric blockchain built by Hitachi.

Recently, blockchains are being considered for various fields as well as financial services. Blockchains, on the other hand, are said to be suitable for securely sharing information among multiple companies but because they are a base that can be traded without mediation by a third party organization, management of IDs and passwords in identity authentication, there is a challenge in terms.

Hitachi president and chief executive Toshiaki Higashihara commented in a press release published this week.

The settlement system was deployed in a KDDI store in Tokyo’s Shinjuku district and in a local donuts store. The tests were to verify processing times and the convenience of user registration and personal authentication.

“Because we can settle payment by hand, we can shorten the processing procedure and time of using coupons as compared with the past, and expect the user’s convenience to be improved,” Toshiaki Higashihara said.

The coupon information and stored on the blockchain can easily be shared among Hitachi, KDDI and affiliated stores to enhance customer experience and improve payments efficiency. The system is also much safer and more secure than using traditional coupons or even those stored on online systems accessed by smartphones.

A new research report has forecast spending on blockchain solutions will increase to $11.7 billion by 2022.

In April this year, Visa, Mastercard, American Express, Discover and a slew of other major credit card companies ended the requirement that consumers sign receipts for in-store retail payment transactions.

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