September 26, 2022

JCB and Keychain develop blockchain-based micropayment service for IoT

3 min read

CryptoNinjas” JCB and Keychain develop blockchain-based micropayment service for IoT

JCB, a worldwide payment brand name and a charge card company and acquirer based in Japan, and Keychain, an innovation company building managed trust options for blockchain properties, today revealed they have developed a novel infrastructure for processing credit-based micropayments in between IoT devices.

The solution assures to allow direct human-to-machine and machine-to-machine payments at scale without the boundaries of charge card.

As new networks, such as 5G, deploy and making use of Internet of Things (IoT) gadgets grow, so will the need for automated and machine-to-machine micropayments.

Mobile payment apps allowed the common mobile user to pay with their phone, nevertheless, the current payment facilities does not support tens of billions of IoT gadgets.

Use cases in point examples include: electric automobiles instantly spending for charging, or a farmer getting payment for fruit and vegetables to a mobile phone while offline. Such a facilities needs to handle large cybersecurity and functional risks related to identity fraud, hacking, personal privacy, and rejection of service.

JCB and Keychain have started fixing these challenges by implementing a brand-new blockchain and dispersed ledger-based payment facilities that mitigates the risks of IoT micropayments.

Micropayment Infrastructure JCB and Keychain established the service based on digital identity, delegated transaction approval, and safe and secure deal archival (joint Japan patent pending # 2021-00571).

1. Integrated digital identity
– – Each IoT gadget has a distinct, blockchain-based, self-sovereign identity associated with client identity. This develops a necessary technical basis for behavior attribution and regulatory compliance.

2. Handed over deal approval at the network’s edge
– – Using Keychain Core’s information provenance ability, the cost, functional threats, and monetary risks of payment processing are pressed towards the edges of the network. This allows alleviating large-scale cybersecurity attacks with relatively massive defenses.
– – Transaction approval is processed in real-time by devices geographically more detailed to the location of the transaction.
– – The outcome is a smoother, lower latency user experience and more scalable risk mitigation for the company.

3. Safe transaction record archival
– – Using identity-based data provenance and security techniques, the system makes sure that information is firmly relayed to the provider for compliance and integrity monitoring.
– – The records integrate into conventional settlement systems, leveraging the digital identity-user mappings.

The go-to-market strategy consists of boosting the technology, useful real-world pilots, production infrastructure build-out throughout 2021, and go-live in 2022.

Keychain Blockchain Technology

Keychain Core, Keychain’s flagship technology item, is a set of software building blocks that enable Keychain partners to easily make use of the power of blockchain and distributed journal innovation. With Keychain Core, Keychain partners minimize functional threats connected to data security and achieve brand-new patterns of company. Keychain Core natively supports a vast array of gadgets including desktop computers, tablets, mobile phones, smartwatches, and Internet of Things (IoT) gadgets easy to integrate with existing systems and applications.

Keychain Core main elements are the following:
1. Self-sovereign identity
2. Data-centric security
3. Protected workflows
4. Customized digital properties

CryptoNinjas” JCB and Keychain develop blockchain-based micropayment option for IoT