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Blockchain News

Hitachi Tests A New Fingerprint-Payment Technology Based On Blockchain

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The Japanese tech conglomerate Hitachi has been working with the telecommunication giant KDDI and apparently testing a new blockchain-based system that will allow it to develop a technology that will settle retail payments that are validated through the customers’ fingerprints.

As one press release on Wednesday noted, a group of staff from both Hitachi and KDDI have been experimenting a coupon settlement system which is deployed in a KDDI store in Tokyo’s Shinjuku district, as well as a smaller donut shop.

The technology that is built by Hitachi and based on the Hyperledger Fabric platform, will integrate with Hitachi’s biometric verification and KDDI’s existing coupon system. As such, it will seek to settle shoppers’ coupon transactions over the network using only their fingerprints as the main validators.

Hitachi went on to explain why this technology is important, noting that shoppers need to register their coupon credits in a better way. The credits will be encrypted into biometric information – and then encoded into a string of encrypted data and stored on the blockchain.

Therefore, shoppers will be able to verify their identity with a fingerprint-reading device that will broadcast the request to the network that a transaction is settled. The company (Hitachi) said that the end goal is to make blockchain assistance an important part of our lives and that users can keep their coupon usage information accurate within the network simultaneously.

The company said:

“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.”

Meanwhile, this is the latest pilot test taken by Hitachi and aiming at the blockchain technology. Last yet, the company announced another blockchain-based platform that will help supply chain businesses to manage their orders and invoices on an immutable ledger.

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The revenue report of the Chinese blockchain-based software company Xunlei is in today’s blockchain news where you can see that the company’s revenue increased this year after they introduced blockchain services. According to the report, the company’s Q3 revenue reached $45.3 million which is an increase since last year by 1.1 percent. The company also added $19.8 million of the revenue to its cloud services which is also an 8.3 percent increase since 2017. CEO of Xunlei group, Lei Chen noted:
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Xunlei is known for its P2P software and BitTorrent client which is very popular in China, have turned to blockchain technology development in 2017. Before they turn to the blockchain, the company was facing a downturn for more than 2 years. After implementing blockchain, Xunlei became the best performing stock on Nasdaq with more than 70 percent in shares. However, in November 2017, Xunlei was under scrutiny from the financial regulator in China after the state ban on ICOs which led to a 40 percent drop in shares. Despite this however, Xunlei launched two new blockchain based products and increased its revenue incredibly. In 2018, according to a report from Cointelegraph, Xunlei partnered with People’s Daily to create a technology innovation laboratory in order to develop a blockchain-based platform for organizing seminars and workshops. Other companies around the world published their Q3 2018 Report where they record historical performances with high percentage incensement.
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