Blockchain technology can be used to accomplish many things, as our current ecosystem has shown us that more transparency is a must. Issuing a person’s identity over the Bitcoin blockchain is just one of the many possibilities, and ShoCard has been attracting quite a lot of investor interest with their business model.
ShoCard – Authenticating Identification With The Blockchain
It is no secret that identity theft is a real plague these days. All someone needs is one vital piece of information, most of which can be obtained through social media platforms. Or if they truly want to steal your identity, phishing emails are still a looming threat to date.
On the other hand, verifying somebody’s identity can be a painstaking process. A user would need to submit his or her identification to a third party, which then needs to ensure the documents are genuine. Processes like these can take up to a few days to complete, which is not something either customers or merchants want to wait for.
The Bitcoin blockchain offers ample opportunities to not only disrupt the financial sector, but also revamp the entire world of technology as we know it. Decentralizing services, storing data, transferring digital ownership and even issuing important digital documents are just some of the possibilities blockchain technology can achieve.
Bitcoin startup ShoCard wants to use the blockchain to authenticate identification. Rather than providing your personal – and financial – details every time during the e-commerce checkout process, customers can store their information securely with ShoCard and enter it on request. Additionally, ShoCard could also be used for other financial systems, such as storing your online banking login details.
The main benefit of ShoCard is that it can only be modified by the consumer, and not by anyone else. Using the ShoCard app for the first time will require a user to scan their ID and sign it. ShoCard will then generate a public and private key based on that information so the record can be sealed. This record is encrypted, hashed and then broadcast through the network of communicating Bitcoin Nodes for later use.
Latest Round Of Funding Brings In US$1.5m
Projects using blockchain technology are increasing even more attention from potential investors than ever before. In the case of ShoCard, the company raised US$1.5m from investment partners such as AME Cloud Ventures, Digital Currency Group and Morado Ventures Partners in order to bring their business idea to the world.
Regardless of how people view Bitcoin, there is no denying the blockchain will play a key role in the next generation of technological innovation. Many players are active in this market, but there is still a lot of room left for alternative companies and interested parties. Adopting blockchain technology at an early stage could be very beneficial to your business.
“A lot of companies are looking at the blockchain for things other than bitcoin. We’ve created a digital identity card that is as easy to use as a driver’s license but it’s so secure that a bank can rely on it” – ShOCard co-founder Jeff Weitzman told the media.
Images courtesy of ShoCard and Shutterstock