Nowadays, the best-known use of blockchain is crypto-currency. However, its potential can be applied to any exchange and transaction that requires top-level security. Shocard, a US startup, applied blockchain to identity certification in the banking system.
Beyond crypto-currency, blockchain technology seems well suited for insurance and banking. Shocard is an American start-up working in KYC (for “Know your Customer”: identity validation technique), applied to banking.
ID registered on an independent blockchain that can’t be tampered
When someone wishes to register their identity with one of the start-up’s partners (bank, shop, government agency), they send their ID to the startup. Shocard then sends the file to another entity that has already checked the person’s identity for cross-validation. Then, the identity is stored in Shocard’s blockchain thus becoming both forgery-proof and independent.
Later, more pieces of information can be added to the identity of the person such as a change in name. Mortgage, inheritance or any relevant information can also complete the file.
The user can then validate his identity with Shocard partners by scanning a QR code with a smartphone or by using a personal code.
Big potential, currently applied to banking
Right now, Shocard works with banks; the most promising field. But this certification could also be used in all areas of administrative life by centralizing identity. Taxes, education, health, insurance, bank, civil status, voting, you name it. Shocard is currently working with Bank of West, a US subsidiary of BNP, Al Jeezera Bank or CreditOnfoGroup.
translated by Lisa Korrigane