coindesk.com / July 24, 2015 at 10:06 BST
It’s perhaps best explained by a car crash.
As veteran entrepreneur Armin Ebrahimi tells it in interview, his car was hit by a truck two nights ago. The driver had no insurance, and he had little reason to trust him because of the poor quality of his government-issued driver’s license.
“The picture didn’t really match him. It was difficult to know it’s him, the picture was a little more clean cut. It’s got a PO box address on it, so I took the information I could,” Ebrahimi explained.
Ebrahimi isn’t just any driver. He’s also the CEO of ShoCard, a blockchain technology startup that’s seeking to harness the power of bitcoin’s distributed ledger to solve pain points with authentication such as those in this process. Whether it’s a true story or a convenient anecdote is unclear. Either way, the story cuts to the core of how ShoCard and blockchain technology can intercede and solve problems inherent in such an incident.
ShoCard, Ebrahimi asserts, aims to function as a mobile ID that can be verified in real time using a combination of cryptography and the immutability of bitcoin’s ledger. Perhaps most importantly, the company asserts identifying information could be verifiable without requiring users to give up control of their data.
Investors are already convinced the company has found a powerful use case for the technology. ShoCard recently raised $1.5m in funding from investors including AME Cloud Ventures and Digital Currency Group.
In interview, Ebrahimi provided a deeper dive into the underlying tech of the product he hopes will transform identity on the web, mobile and real world.
Ebrahimi told CoinDesk: