ShareRing’s Blockchain Pilot Program for Traditional Businesses Improves System Security – CryptoMode

ShareRing’s Blockchain Pilot Program for Traditional Businesses Improves System Security – CryptoMode

Older systems such as old databases, web2 systems, health records and many others face constant threats from unauthorized access. Several institutions, such as hotel chains, retail chains and even police departments, have lost critical data due to unverified access.

These systems can be effectively secured using blockchain technology. Blockchain, a distributed ledger of immutable records, can provide identity solutions that users can instantly verify.

Furthermore, several companies are at the forefront of Web3 identity solutions. And they can easily integrate Web3 into your existing systems, making them far more secure.

Significant cases of data exploitation due to unverified access

  1. Marriott hotels, a global chain of luxury hotels, lost data of 5.2 million hotel guests in January 2020. The attackers had compromised the identities of two Mariott employees. They gained access to sensitive data such as passports, contact information, loyalty accounts, etc.

Consequently, Mariott had to pay £18.4 million as a penalty for a data breach.

2. Twitter was subjected to a massive phishing attack in July 2020 where hackers gained access to 130 private and corporate Twitter accounts. They later promoted a fake Bitcoin scam.

The total loss included a direct loss of $180,000, while Coinbase blocked another $280,000.

These exploits show how easily Web2 systems are compromised. However, with an additional layer of security, the entire Web2 ecosystem and other legacy systems can become far more secure.

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Digital identity solutions with blockchain-based security

Blockchains make it much easier to verify transactions. These transactions can be changed to appear as access requests. Since these transactions are on the blockchain, they will require an address to send them, which shows the identity of the sender. Therefore, they can be verified with a simple tool in a few seconds.

ShareRing, is a blockchain-based platform that enables the creation and use of even sovereign verifiable credentials across Web2 and Web3. They offer digital identity solutions that help you establish credentials online. The identification is proprietary, meaning it is based on data stored on the user’s device and not shared with anyone, not even ShareRing. All the data is stored in the ShareRing vault inside the ShareRing app.

Pilot program to get a next generation solution for free

ShareRing has announced that they are offering free access to proprietary digital identity solutions for businesses that meet their eligibility criteria. This provides an excellent opportunity to access next-generation proprietary technology for free.

Recently, they have offered a business solution package via a pilot program. This program is focused on providing digital identity solutions for existing systems such as hotels, hospitals, retail chains, governments, etc. It offers a unique partnership opportunity to integrate ShareRing’s digital identity solution into existing ecosystems.

Through this partnership, companies will be able to fulfill customers’ needs for an independent digital identity solution and establish and improve workflows for identity verification during the customer onboarding process. The results of this pilot program will have an impact on ShareRing’s plans to create identity toolkits for companies in other industries.

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The pilot program is free for any business owner to join, provided they meet the eligibility criteria.

Qualification and registration process

Companies can easily board the website. However, they must meet the following criteria:

  • Companies must have their own app and IT development teams.
  • Businesses must be within the alcohol, tobacco, food delivery, telecommunications and gambling industries OR public bodies based in Europe or Asia Pacific.
  • Must be required by law to verify the customer’s identity (with at least one or a combination of identification such as a passport, ID card or driver’s license) before providing the services/experiences.

ShareRing works closely with business owners to test and develop the future of digital identity to build trust with their customers.

They have recently organized hackathons to create identity solutions for schools and colleges. ShareRing organized its last hackathon in Vietnam in February 2023.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses incurred by acting on information provided on this website by its authors or customers. Always do your research before making any financial commitments, especially with third-party reviews, pre-sales and other opportunities.

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