Tuesday, October 3, 2017

Japan's Foray into Blockchain

Classmate Sumit Aggarwal provides a couple good looks at blockchain, each from cryptocoinsnews. The first is about Japan's digital ID for banks, and the second concerns the Japanese government's recent testing of blockchain. Here's a sample from the latter, which details the impetus behind the move to blockchain:
According to the Nikkei, the common identification platform will allow a bank account holder to register for a ‘shared ID’ which could then – as an example – be used to open another account at a different bank. The applicant would be required to provide the shared ID through a smartphone app authenticated through a fingerprint or a facial scan. Fundamentally, the shared ID would negate the need to enter, or re-enter personal information when applying for banking services at a new financial institution.

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