The rise in popularity and accessibility of the internet has enhanced all aspects of our life. Whether it is travel, social media, E-Commerce or entertainment, it has caused us to entrust much of our vulnerable and valuable information to the hands of companies we use for our day to day activities. However, companies are increasingly failing to uphold their duty to protect, value and care for their users. With 16.7 million US customers impacted in 2017, costing more than $16.8 billion, consumers are increasingly falling victim to identity theft and credit card fraud.
ShareRing aims to disrupt the status quo for customers and merchants alike through our OneID module. OneID is our proprietary identity management system, which is immutable, highly secure and infinitely scalable.
ShareRing’s OneID solution protects users’ data by handling Know Your Customer (KYC) information through Onfido (one of the service providers) and ShareRing’s Self Sovereign Identity Protocol. ShareRing does not hold any identifying information anywhere on its servers. It provides the ultimate security for the renter and also the provider, as the Protocol encrypts and stores your data in a secure enclave within your device. Essentially, this means that it is near impossible for a hack or data leak to happen, simply because there is no centralized honeypot of data for hackers to exploit.
The OneID module is very easy to use. The end-user needs to complete their ID submission only once, with the entire submission process requiring less than two minutes to complete. Once this step has been completed, the customers KYC is destroyed by the 3rd party document verification system and the OneID module allows merchants to verify a customer’s identity via a hashed verification packet, stored on the users’ device and ShareLedger. This removes the need for merchants to store or see personal information; safeguarding both merchants and users from fraud.
To create your ShareRing OneID, simply:
- Take a picture of your government ID document
- Take a selfie
- Confirm and submit your details
OneID in real-world use cases
- Car rental & car sharing
OneID veriﬁed users can sign up and rent a car in minutes, allowing merchants to have conﬁdence the customer has been validated. The customer’s information is also automatically populated into the merchant’s platform.
- Hotel express check-in
Merchants can pre-verify customers before arrival as well as an option to offer an AML friendly ‘Cash out’ service. This means a customer can have their key and money ready on arrival at the hotel.
- Travel eVisa/eVOA Application
Our OneID speeds up the visa process by pre-verifying and pre-populating the travel visa application
We hope you have enjoyed this write up on ShareRings OneID, stay tuned for many more updates in the upcoming weeks and months, including 20 announced partnerships!