Digital identification is the future. What role will blockchain play?
Tencent Cloud is joining forces with blockchain company ShareRing to launch a new digital identification system to streamline international travel amid the COVID-19 pandemic.
As the South China Morning Post reported Tuesday, ShareRing will combine its distributed ledger technology with Tencent Cloud’s services to create a blockchain-based digital identity management platform.
Specifically, ShareRing will use Tencent Cloud’s optical character recognition and facial recognition technology to help improve its "self-sovereign identity app." In its current form, the app can be used to book flights, hotel reservations, car rentals and a variety of other services.
In a joint statement, Tencent Cloud and ShareRing said the aim of this partnership to build the blockchain-based digital identity management platform is to help Southeast Asian countries "reopen their borders to tourism and recover from the economic blow" of COVID-19.
The travel and tourism industry has been ravaged by global lockdowns, with S&P Global Ratings forecasting a 60% to 70% drop in global air traffic this year.
The companies indicated that the blockchain-powered platform has already received interest from various government agencies in the Association of Southeast Asian Nations, which includes 10 member states.
Blockchain technology has long been touted as a potential value-driver of digital recognition systems. Blockchain is said to provide more secure management and storage of digital identities, which may enable seamless travel, background checks, health record collection and streamlined Know Your Customer protocols.
This isn’t the first time Tencent Cloud has been linked to blockchain product development. As Cointelegraph previously reported, the tech conglomerate previously built a wine traceability platform for China’s oldest wine producer. Tencent is also backing a blockchain consortium called FISCO BCOS through its WeBank entity.
ShareRing did not immediately respond to a request for comment
Update 20:35pm ET 12/1/20: An earlier version of this story referred to Tencent. It has been updated to note that Tencent Cloud is working with ShareRing to launch blockchain digital ID platform.
The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.
The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.
This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at firstname.lastname@example.org
If you would like to connect with us about any of the distributed content or other inquiries, please email us at email@example.com with the relevant documentation.