ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
Home
Press release
Dec 15, 2021 10:00 JST
Source:
JCB / Keychain
JCB and Keychain Implement Offline Payments using NFC
TOKYO, Dec 15, 2021 - (JCN Newswire) - JCB Co., Ltd. Japan's only international payment brand (Head Office: Tokyo, Japan) and Keychain GK (Head Office: Singapore) implement offline payments using near-field communication (NFC), self-sovereign identity, and blockchain technology.
Figure 1. Offline Payment Concept
With the spread of 5G and the development of Internet of Things (IoT) devices, machine-to-machine payments will automatically execute contracts and make payments without human intervention, and possibly without network connectivity.
JCB and Keychain have developed the first payment infrastructure for machine-to-machine transactions that supports offline payments using NFC. Leveraging Keychain's blockchain and self-sovereign identity technology, the system addresses challenges related to the risks of operating through network outages and distributed attacks.
Overview
The new infrastructure allows payments to be conditionally accepted by merchants, even in the event that both the payer and the merchant are disconnected from the network, a scenario known as double offline. Notably, the shoppers' experience is as easy as swiping a smart watch at the store payment terminal with this system.
Under the collaboration with JCB, Keychain implemented the payment processing system using IoT devices, mobile phones, and smartwatches, and demonstrated the following:
1. Payments may be conditionally processed even during a double-offline scenario.
2. Payment processing consensus may be done over mixed networks simultaneously.
3. Upon network restoration, the offline transactions may be securely repatriated to online in batches.
The system uses NFC network protocol and leverages Keychain Core to support small IoT devices with, in principle, as little as 32 megabytes of memory.
Figure 1. Offline Payment Concept
https://www.acnnewswire.com/topimg/Offline_Payment_Concept.jpg
About Keychain Core
Keychain Core is Keychain's award-winning solution accelerator that brings the power of blockchain and distributed ledger technology to the common software development team including self-sovereign identity, data security, and consensus on a wide range of devices, data, and networks.
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 36 million merchants around the world. JCB Cards are issued mainly in Asian 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 its 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, please visit: www.global.jcb/en/
About Keychain
The digital transformation we need today is hindered by the absence of key capabilities --- data security, key management, and self-sovereign identity. Keychain delivers these capabilities in the form of software building blocks, enabling everyday development teams to fortify operational integrity, create digital assets, and discover new patterns of business --- with any data, on any device, anywhere in the world.
Contact information from journalists regarding this matter
JCB
Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email:
jcb-pr@jcb.co.jp
Keychain
MAIL:
engage@keychain.io
Source: JCB / Keychain
Sectors: Cards & Payments, Cloud & Enterprise, CyberSecurity, Crypto, Exchange, Blockchain Technology, Banking & Insurance, FinTech, NFTs
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Release
Eisai: Release of Dementia Disease Awareness Videos for World Alzheimer's Day, September 21
Sep 21, 2023 12:26 JST
JCB and BNI Launch the BNI JCB Ultimate Card
Sep 21, 2023 09:00 JST
Takasago Hydrogen Park, the World's First Integrated Validation Facility for Technologies from Hydrogen Production to Power Generation, Enters Full-Scale Operation
Sep 20, 2023 19:05 JST
HRC and Takaaki Nakagami Agree to Renew Contract
Sep 20, 2023 15:24 JST
Lexus Presents the Theme of Diversification and Electrification Aiming to Deliver New Value to Customers
Sep 20, 2023 11:22 JST
Hitachi Industrial Products to Launch High-capacity Multi-port EV Charger
Sep 19, 2023 20:06 JST
Honda and Toray Begin Joint Demonstration of Closed-loop Recycling of Nylon Resin
Sep 19, 2023 12:07 JST
Fujitsu launches new offering to support sustainable enterprise transformation as Japan's first premium supplier for RISE with SAP
Sep 19, 2023 10:34 JST
Fujitsu strengthens DX consulting capabilities with plans to acquire Australian consultancy MF & Associates - investing for government and healthcare customer success
Sep 19, 2023 10:05 JST
Quantum Computing Startup - Nanofiber Quantum Technologies Secures $8.5m Funding
Sep 18, 2023 04:40 JST
SBM Offshore and MHI Sign Partnership Agreement for FPSO CO2 Capture Solution
Sep 15, 2023 18:51 JST
Fujitsu and the Linux Foundation launch Fujitsu's automated machine learning and AI fairness technologies as Linux Foundation hosted open source projects
Sep 15, 2023 10:23 JST
A New Era: Challenges in Lunar Exploration and Manned Lunar Orbital Base Development
Sep 14, 2023 17:04 JST
MHI Becomes a Full Member of the Japan Center for Engagement and Remedy on Business and Human Rights (JaCER)
Sep 14, 2023 14:45 JST
Fujitsu and Baptist Health South Florida transform operating room scheduling with newly launched solution to boost utilization rates and the financial health of the surgical discipline
Sep 14, 2023 10:33 JST
NEC selected by AMED for design of a universal vaccine that is effective against influenza virus strains
Sep 14, 2023 10:09 JST
BMW, Ford and Honda Agree to Create ChargeScape, a New Company Focused on Optimizing Electric Vehicle Grid Services
Sep 13, 2023 14:49 JST
MHI Thermal Systems Launches New "TEJ35GAM" Electric-Driven Transport Refrigeration Units
Sep 13, 2023 12:38 JST
Fujitsu pioneering supply chain CO2 visualization with successful participation in WBCSD PACT Implementation program
Sep 13, 2023 10:19 JST
Global Combat Air Programme Industry Partners Agree Next Steps on Collaboration to Deliver Next Generation Combat Aircraft
Sep 12, 2023 19:29 JST
More Latest Release >>