ShoCard Embeds Your Identity in the Bitcoin Blockchain
New startup ShoCard is building a digital identity system that encrypts and embeds sensitive information onto the bitcoin blockchain, removing the risk of a third party losing that data. The company is still in its early stages, but founders say they’re already in talks with financial institutions to start implementing ShoCard as verification for online purchases. ShoCard was presented this week at the TechCrunch Disrupt conference in New York, where co-founders Armin Ebrahimi and Jeff Weitzman explained the concept to an audience of technologists and potential investors.
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Blockchain-based startup ShoCard has raised $1.5 million to fund the development of its digital identity card, the Tech Crunch reported. Debuted in May this year, the startup plans to verify and store identity records into the blockchain, a technology that currently runs the disruptive digital currency Bitcoin. In its ideal scenario, ShoCard has hoped to eliminate the need to carry paper documents for identity verifications, a reason why venture capitalists like Morado Ventures Partners, AME Cloud Ventures, Enspire Capital and Digital Currency Group have come forward to fund it. "A lot of....
It's perhaps best explained by a car crash. As veteran entrepreneur Armin Ebrahimi tells it in interview, his car was hit by a truck two nights ago. The driver had no insurance, and he had little reason to trust him because of the poor quality of his government-issued driver's license. "The picture didn't really match him. It was difficult to know it's him, the picture was a little more clean cut. It's got a PO box address on it, so I took the information I could," Ebrahimi explained. Ebrahimi isn't just any driver. He's also the CEO of ShoCard, a blockchain technology startup that's....
ShoCard has raised $1.5m in funding from AME Cloud Ventures, Digital Currency Group, Enspire Capital and Morado Venture Partners. The startup, which seeks to use the bitcoin blockchain as a way to authenticate identification, debuted in May at TechCrunch Disrupt NY. Its launch came amid a broader shift in focus among investors, who appear increasingly interested in harnessing the power of bitcoin's underlying distributed ledger for use cases beyond payments. ShoCard views its solution as one that could disrupt the digital identity business, providing consumers with the means to hold a....
Blockchain startup ShoCard has developed a proof-of-concept focused on digital identity in partnership with a major IT firm that works with the airline industry. SITA, founded in the late 1940s, provides IT and communication services to the global airline industry, and is owned by a broad network of major air travel service providers, account for roughly 90% of all airlines. The identity app, dubbed the SITA Digital Traveler Identity App, was formally unveiled today during the Air Transport IT Summit industry conference, held in Barcelona, Spain. Using a blend of blockchain-based data and....
Identity is one use case of the blockchain that has many people excited. For the first time, an individual has the potential to create a true, immutable identity distributed across an entire network. As Consensus 2016 wrapped up earlier this week, a group of thought-leaders who have been working in the identity space for decades presented their beliefs on what to consider when building an identity system using blockchain. Christopher Allen, the principal architect at bitcoin sidechain firm Blockstream, echoed the sentiment of other panelists about the duality of identity on the blockchain.....