The technology giant Hitachi has introduced a new mechanism that uses blockchan technology to settle the payment. In the alliance with the Japanese telecommunications company KDDI, Hitachi is doing prototype a new payment gateway that can change the entire pattern of the retail industry as we know it. In a press release on 25th July, Hitachi unveiled a new payment system to the world, which uses only the customer's fingerprint to pay and authenticate transactions through blockchain.
Only biometric information is required
According to an official press release, Hitachi has developed a platform that uses Hyperlager Fabric Technology. This system uses Hitachi's biometric verification system and KDDI coupon feature and it is said that a planned initial test is underway in KDDI store in Tokyo.
In testing KDDI will be able to store Shinjuku and Mr. Donuts Takadanobo Yamaguchi shop in the two companies' employees. Once the users are registered on the platform, then the biometric authentication will be verified by the user's fingerprint.
Once authenticated, the KDDI coupon system will execute the transaction through blockchain. Its aim is to investigate the efficiency of biometric ID authentication infrastructure and discover any scope of improvement. How long will it take to complete the entire transaction, and the user's friendliness of the system will also be kept in mind.
Retail industry interest in blockchain
This is not the first example that Hitachi has shown his curiosity in the retail industry towards Blockchain's application. In September 2017, the company joined forces with the Mizuho Financial Group to promote a supply chain management system, which would use Blockcon to create a secure account of all order-related information.
Reported by BTC Manager on 25 July, 2018, New Zealand-based textile apparel has made public its intention to promote public supply to include Blockchain in a similar fashion (no water) in the retail garment industry and The modern slavery in manufacturing has ended industries.
What do you think of other means that block block can be implemented in the retail industry to make the system mechanism more efficient and transparent? Please tell us in the comments section.