The idea behind ShoCard is to allow its users to provide mobile digital identity verification that doesn’t need to interface with other databases, which has inherent security risks–the recent data breach at Equifax is just the latest example of this.
Through the mobile app, users are able to create a digital identity that is verified with a private key and stored on the blockchain, and that they can share with others whenever they wish.
Use cases include finance transactions, such as by speeding up KYC processes, for both traditional financial institutions and cryptocurrency exchanges.
ShoCard also has enterprise applications, where cloud-based services can streamline their verification and log-on methods. Because of the app, and all the verifications created through it, exist on the blockchain, the information on it cannot be altered or otherwise faked.
Armin also discusses trends in the ID verification industry, and the future that he sees for them–and hopes to help create.
For more information, visit www.shocard.com.