Blockchain based shared ID platform Regulators
and financial services institutions in Japan are working to create a block-chain-based platform that can share customer information between banks. Financial Services Agency, the financial regulator, is developing this ID platform, which will be powered by blockchain, which will facilitate customers to instantly share their personal information at multiple banks and financial institutions. The platform will allow a bank account holder to register for a ‘shared ID’ which could then 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. The personal information and data making up for these shared IDs will be entered, recorded and secured over a shared immutable blockchain developed by the FSA and other financial institutions. The FSA will be setting up an ‘administrative body’ to oversee the shared ID.