Chinese language conglomerate Tencent Holdings is becoming a member of forces with blockchain firm ShareRing to launch a brand new digital identification system to streamline worldwide journey amid the pandemic.
Because the South China Morning Publish reported Tuesday, ShareRing will mix its distributed ledger expertise with Tencent’s cloud companies to create a blockchain-based digital identification administration platform.
Particularly, ShareRing will use Tencent Cloud’s optical character recognition, or OCR, and facial recognition expertise to assist enhance its “self-sovereign identification app.” In its present kind, the app can be utilized to e-book flights, resort reservations, automobile leases and quite a lot of different companies.
In a joint assertion, Tencent and ShareRing mentioned the intention of this partnership is to assist Southeast Asian nations “reopen their borders to tourism and get well from the financial blow” of COVID-19.
The journey and tourism trade has been ravaged by world lockdowns, with S&P World Rankings forecasting a 60% to 70% drop in world air site visitors this 12 months.
The businesses indicated that the platform has already acquired curiosity from numerous authorities businesses within the Affiliation of Southeast Asian Nations, or Asean, which incorporates ten member states.
Blockchain expertise has lengthy been touted as a possible worth driver of digital recognition techniques. The blockchain is alleged to supply safer administration and storage of digital identities, which can allow seamless journey, background checks, well being file assortment and streamlined KYC protocols.
This isn’t the primary time Tencent has been linked to blockchain product improvement. As Cointelegraph beforehand reported, the tech conglomerate beforehand constructed a wine traceability platform for China’s oldest wine producer. Tencent can also be backing a blockchain consortium known as FISCO BCOS by way of its WeBank entity.
ShareRing didn’t instantly reply to a request for remark.