What was the objective of this demonstration experiment?

To verify the feasibility and effectiveness of a new method for identity verification based on the Anti-Money Laundering Act using digital certificates (VCs). The aim was to achieve both improved security and convenience.

What were the two schemes considered in the demonstration experiment?

The first scheme involved combining VCs containing identity verification results from financial institutions with VCs recording IC chip information from identity documents, to be used as the 'Old Item (g) Method'. The second scheme involved using x.509 certificates issued by certified businesses in VC format, to be used as the 'Item (w) Method'.

As a result of the demonstration experiment, which scheme was deemed effective?

The 'Old Item (g) Method' was deemed unusable because it could not guarantee the user's existence at the time of VC presentation. The 'Item (w) Method' was deemed usable, provided that financial institutions implement risk mitigation measures.

What was NEC's role in this demonstration experiment?

NEC provided the technology for 'FaceVC,' a VC utilizing biometric authentication (facial recognition) technology. This contributed to demonstrating a mechanism for reducing risks during Verifiable Presentation (VP).

What are the future challenges for the social implementation of VCs?

These include considering various VC use cases beyond identity verification, clarifying the division of responsibilities among businesses, and designing incentives based on business models and cost-effectiveness.

AI News NQ Analysis

Announcement of Demonstration Experiment Results for the Financial Services Agency's "FinTech Demonstration Experiment Hub" Supported Project

NQ Score 50/100

AI Summary (NQ-processed)

NEC, with support from the Financial Services Agency, has completed a demonstration experiment on identity verification using digital certificates leveraging biometric authentication.

AI analysis data is not yet available.

Frequently Asked Questions

Q: What was the objective of this demonstration experiment?: A: To verify the feasibility and effectiveness of a new method for identity verification based on the Anti-Money Laundering Act using digital certificates (VCs). The aim was to achieve both improved security and convenience.
Q: What were the two schemes considered in the demonstration experiment?: A: The first scheme involved combining VCs containing identity verification results from financial institutions with VCs recording IC chip information from identity documents, to be used as the 'Old Item (g) Method'. The second scheme involved using x.509 certificates issued by certified businesses in VC format, to be used as the 'Item (w) Method'.
Q: As a result of the demonstration experiment, which scheme was deemed effective?: A: The 'Old Item (g) Method' was deemed unusable because it could not guarantee the user's existence at the time of VC presentation. The 'Item (w) Method' was deemed usable, provided that financial institutions implement risk mitigation measures.
Q: What was NEC's role in this demonstration experiment?: A: NEC provided the technology for 'FaceVC,' a VC utilizing biometric authentication (facial recognition) technology. This contributed to demonstrating a mechanism for reducing risks during Verifiable Presentation (VP).
Q: What are the future challenges for the social implementation of VCs?: A: These include considering various VC use cases beyond identity verification, clarifying the division of responsibilities among businesses, and designing incentives based on business models and cost-effectiveness.