That app allows people to claim their identity and get personal credit information that can be shared with third parties and be independently verified with proof of certification via the blockchain. Consumers can now share their credit information with institutions across borders without worrying about local privacy laws.
Consumer data is neither stored nor replicated, which protects it from hackers.
“The Equifax hack, alongside continued data breaches of personally identifiable information (PII) across industries, has demonstrated a need for a new solution to protect consumers’ and clients’ most sensitive data,” said Alexander Novoselov, Creditinfo’s head of fintech innovation. “By incorporating ShoCard’s blockchain-based technology, PII data stays with the user, and is verified using the blockchain, thereby giving our users the most control over their information as possible and eliminating large databases of credit scores and other private information, a critical target for hackers.”
When users download the credit app they are asked to provide a photo of their passport and their identification credentials, and save their information to create a blockchain validation record. When the identity is verified and encrypted, credit score data will be passed to the consumer through the app where it is hashed, signed and certified on the blockchain by Creditinfo. The app then decrypts the data for the user, who may share it via a QR code or Bluetooth exchange.
“At ShoCard, we believe blockchain technology provides the next evolution of identity management for consumers and enterprises, and we’ve built our solutions to utilize the blockchain as an immutable ledger, never storing PII in our services,” said Armin Ebrahimi, CEO and founder at ShoCard. “It is our vision to eliminate legacy vulnerabilities that expose data to hackers, while removing friction to better enable data sharing between different entities like consumers, banks and credit information providers, bringing peace of mind to consumers and the shareholders of these organizations.”