Marking a notable milestone in the digital identity industry, Australian blockchain company ShareRing has recently gained recognition as one of the first to be accredited under the “Digital Identities and Attributes Trust Framework” (DIATF) in the United Kingdom. This significant accomplishment attests to the advancement of ShareRing’s technology and reaffirms the company’s dedication to providing secure and private reusable digital identity authentication.
What does this accreditation mean for ShareRing?
With this accreditation, ShareRing is now in a position to offer its digital identity solution for digital ID authentication, with the added capability of ID verification for land registry purposes in the UK. ShareRing’s technology presents businesses with a comprehensive solution to verify their customers’ identities across a variety of industries. This includes applications in financial KYC, customer due diligence (CDD), age and ID verification, venue and guest management, and corporate identity management.
Companies can manage their digital identity needs through a web-based platform, while their customers can create and control their reusable digital ID via the Identifi Me app. This gives users complete control over their personal information.
What is the Digital Identities and Attributes Trust Framework?
The DIATF is a comprehensive framework managed by UK government authorities for establishing trusted and secure digital identity ecosystems. It outlines robust standards, principles, and requirements that accredited companies like ShareRing must meet. This ensures the integrity, privacy, and reliability of user data, while reducing the risk of identity fraud and cyber threats.
How does ShareRing’s technology stand out?
ShareRing’s self-sovereign identity solution leverages blockchain technology (Tendermint PoS and Cosmos SDK) to establish a tamper-proof ecosystem for businesses and individuals. Unlike traditional identity systems that are susceptible to breaches and fraud, ShareRing’s solution ensures that personal data is verified and remains under the user’s control. This data is only shared with third parties when necessary and with explicit consent.
Over the past year, ShareRing has partnered with several private sector businesses in Australia and overseas. These partnerships have allowed ShareRing to replace conventional KYC and customer authentication processes with reusable digital identities. ShareRing plans to continue forming partnerships with Australian and UK investment funds, nightlife venues, F&B venues, and hotels. This will help these businesses guard against identity fraud while improving operational processes and lowering costs.
To find out more about ShareRing and its digital identity solution, you can visit their official website.
If you’re interested in keeping track of ShareRing’s progress and other digital identity service providers, consider using cryptoview.io. This application offers a comprehensive overview of the cryptocurrency market and blockchain companies, helping you stay informed about the latest developments.
