JCB and Keychain Create Blockchain-based Micropayment Solution for IoT
TOKYO, Feb 12, 2021 - (ACN Newswire) - JCB Co., Ltd. and Keychain GK have developed a novel infrastructure for processing credit-based micropayments between IoT devices. The innovation promises to enable direct human-to-machine and machine-to-machine payments at scale without the confines of credit cards.
As new networks, such as 5G, deploy and the use of Internet of Things (IoT) devices grow, so will the need for automated and machine-to-machine micropayments. Mobile payment apps enabled the common mobile user to pay with their phone, however the current payment infrastructure does not support tens of billions of IoT devices. Use cases in point: electric vehicles automatically paying for charging, or a farmer receiving payment for produce to a mobile device while offline. Such an infrastructure needs to handle vast cybersecurity and operational risks related to identity fraud, hacking, privacy and denial of service.
JCB and Keychain have begun solving these challenges by implementing a new blockchain and distributed ledger-based payment infrastructure that mitigates the risks of IoT micropayments.
Micropayment Infrastructure
JCB and Keychain developed the solution based on digital identity, delegated transaction approval, and secure transaction archival (joint Japan patent pending #2021-00571).
Image: https://www.acnnewswire.com/topimg/Low_JCB202102121.jpg
1. Integrated digital identity - Each IoT device has a unique, blockchain-based, self-sovereign identity associated with customer identity. This establishes a necessary technical basis for behavior attribution and regulatory compliance.
2. Delegated transaction approval at the network's edge - Using Keychain Core's data provenance capability, the cost, operational risks, and financial risks of payment processing are pushed towards the edges of the network. This enables mitigating large-scale cybersecurity attacks with comparatively large-scale defenses. - Transaction approval is processed in real time by devices geographically closer to the location of the transaction. - The result is a smoother, lower latency user experience and more scalable risk mitigation for the issuer.
3. Secure transaction record archival - Using identity-based data provenance and security techniques, the system ensures that data is securely relayed to the issuer for compliance and integrity checking. - The records integrate into conventional settlement systems, leveraging the digital identity-user mappings.
Image: https://www.acnnewswire.com/topimg/Low_JCB202102122.jpg
The go-to-market plan consists of enhancing the technology, practical real-world pilots, production infrastructure build out during 2021, and go-live in 2022.
Keychain Blockchain Technology
Keychain Core, Keychain's flagship technology product, is a set of software building blocks that enable Keychain partners to easily exploit the power of blockchain and distributed ledger technology. With Keychain Core, Keychain partners reduce operational risks related to data security and achieve new patterns of business. Keychain Core natively supports a wide range of devices including personal computers, tablets, smart phones, smart watches, and Internet of Things (IoT) devices easy to integrate with existing systems and applications.
Keychain Core main elements are the following: 1. Self-sovereign identity 2. Data-centric security 3. Secure workflows 4. Custom digital assets
About JCB
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 35 million merchants in the world. JCB cards are now issued in more than 20 countries and territories with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en/
About Keychain
Keychain is a leading technology provider that is building managed trust for the digital world. As a leading blockchain technology provider, Keychain aims to fortify operational integrity, reduce risks/cost, streamline business processes, and enable new patterns of business in finance, industry, and enterprise. Keychain's technology has been recognized with prestigious awards including the Global Fintech Award from the Association of Banks in Singapore and the IoT Lab Special Jury Award from Japan's Ministry of Economy Trade, and Industry.
Contact for media JCB Kumiko Kida, Ayaka Nakajima Email: jcb-pr@jcb.co.jp Phone: +81 3 5778 8353
Keychain Email: engage@keychain.io
Source: JCB / Keychain Sectors: Cards & Payments, CyberSecurity, Blockchain Technology, Automation [IoT]
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Press Release
Eisai to Divest Rights for Merislon and Myonal in Japan to Kaken Pharmaceutical Mar 29, 2024 15:51 JST
| Eisai's Brain Health Self-Check Tool "NouKNOW" is Certified as "ME-BYO BRAND" by Kanagawa Prefecture Mar 29, 2024 15:19 JST
| Eisai: Discovery Research on Dual Orexin Receptor Antagonist Lemborexant Honored with PSJ Award for Drug Research and Development 2024 Mar 29, 2024 14:32 JST
| Fujitsu Selected as CDP Supplier Engagement Leader Mar 29, 2024 10:28 JST
| Mazda Production and Sales Results for February 2024 Mar 29, 2024 10:00 JST
| Mitsubishi Shipbuilding Receives Order from the University of Tokyo for "MiPoLin" Power Prediction and Lines Selection System Mar 28, 2024 16:45 JST
| Mitsubishi Logisnext Completes Demonstration of Automated Truck Loading, Leading to Start of Actual Operations in Japan Mar 28, 2024 13:52 JST
| Toyota Releases Sales, Production, and Export Results for February 2024 Mar 28, 2024 13:35 JST
| TANAKA to Install 500 kW Fuel Cell System to Promote the Use of Hydrogen Energy at Production Plants Mar 28, 2024 03:00 JST
| PEVE to change name to TOYOTA BATTERY Co., Ltd. and produce batteries for a wide range of electric vehicles Mar 27, 2024 15:13 JST
| NTT and Olympus Begin World's First Joint Demonstration Experiment of Cloud Endoscopy System Mar 27, 2024 15:00 JST
| TANAKA Holdings Announces Green Loan Financing for Construction of New Head Office Building Mar 27, 2024 03:00 JST
| JFE Steel and Hitachi Jointly Started Providing Solutions for the Steel Industry Mar 26, 2024 19:04 JST
| La Banque Postale and JCB join forces to elevate payments experience for travellers in France Mar 26, 2024 15:00 JST
| Fujitsu Tech Leverages AI and Underwater Drone Data for 'Ocean Digital Twin' Mar 26, 2024 10:24 JST
| NEC develops marketing strategy planning & effectiveness simulation technology using generative AI Mar 25, 2024 10:08 JST
| Toyota to Open New Tokyo Head Office in Shinagawa in FY2030 Mar 22, 2024 16:15 JST
| Hitachi Selected as CDP Supplier Engagement Leader for the Third Consecutive Year Mar 22, 2024 16:04 JST
| Mitsubishi Motors Celebrates Production of 100,000th fully electric minivehicle Mar 22, 2024 15:34 JST
| JCB and AEON Credit Service Indonesia Launch the AEON JCB Precious Card Mar 22, 2024 15:00 JST
|
More Latest Release >>
|