Many situations in life require people to prove their identity, either to some person or organization. Sometimes it’s done as a means of conforming to legal requirements, but sometimes it’s done to protect people from malicious actors. In any case, it can be a tedious and burdensome process that significantly delays a person’s ability to get what they need or want.
This is a problem that ShoCard hopes to solve as it attempts to make these kind of situations comparatively painless with its blockchain-based solution. The goal is to consolidate people’s private information in one convenient and secure place, which can allow people to call upon it whenever it is requested.
ShoCard: A Blockchain That Makes Your Identity Mobile
ShoCard is a blockchain-based identity management platform that conveniently allows users to verify their identities, or really any private thing about themselves, in a trustless manner.
In fact, more than just management, ShoCard’s aims to “enable the creation of a mobile digital identity.” In practice, this means making information belonging to users available on mobile devices through the ShoCard app. Meanwhile, the data itself gets stored on the blockchain.
Identity validation and verification happens on the blockchain as well. The authentication process leverages standard features of the tech — such as cryptographic digital signatures and hashes.
The authentication process operates through digital signatures, created by the owners of the information via a private key. Thus, all your private information becomes a simple digital file that only you can manipulate.
Essentially, ShoCard has repurposed the same underlying principles of recording Bitcoin ownership and applied them to public identity records. Just like with Bitcoin, identity information stored on the blockchain through ShoCard becomes encrypted, hashed, and sent to a network of nodes running the app’s software.
Practical Examples of ShoCard At Work
ShoCard began making waves in 2015, when large media outlets like Techcrunch first recognized the company’s efforts.
This recognition introduced the project to a larger audience for the first time, showcasing its practical uses to laymen at-large.
In general, ShoCard’s use-value mostly stems from the removal of friction involved in everyday interactions by helping to make identity authentication processes go by quicker. However, the sheer amount of situations where this could be useful may surprise you.
Take ShoBadge, an application of ShoCard for enterprise clients, for instance. One use case is replacing password-based login schemes that most enterprise computer networks currently use.
Instead of usernames and passwords, employees would just scan a QR code and provide a PIN or biometric information, that would then verify their identity and allow them to access the network.
This would both eliminate a single point of failure in terms of security — getting rid of central servers that store passwords and usernames — and it would completely eliminate all monetary costs associated with such a system.
Other use-cases include helping businesses to comply with Know Your Customer and AML regulations, decreasing the amount of time customers have to spend on verification — which can be a particularly burdensome procedure on crypto exchanges — and improving drop off rates as a result.
Fundraising Efforts and Possible ICO Launch
Recently, ShoCard has been able to acquire funding from a variety of investors — having implemented two successful fundraising efforts in the past.
First in 2015 when it raised $1.5 million from Morado Ventures Partners, AME Cloud Ventures, Enspire Capitaland, and Digital Currency Group.
ShoCard hosted yet another fundraising effort this year when it was able to secure an additional $4 million in funding in August from existing investors Morado and AME Cloud Ventures and with new participation from Storm Ventures, Danhua Capital, Correlation Ventures, Recruit Strategic Partners and Robert Tinker, founder and former CEO of MobileIron.
So far, ShoCard has mostly obtained funding through traditional avenues, however, the startup is hoping to expand their options with an ICO in the near future. ShoCard spoke with Bitsonline about the subject and while it was unable to provide a specific date, they did say that they were shooting for an early 2018 ICO launch.
What do you think of ShoCard and its blockchain-based Identity Verification platform? Let us hear your thoughts.
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