Chinese language conglomerate Tencent Holdings is becoming a member of forces with blockchain firm ShareRing to launch a brand new digital identification system to streamline worldwide journey amid the COVID-19 pandemic.
Because the South China Morning Submit reported Tuesday, ShareRing will mix its distributed ledger expertise with Tencent’s cloud companies to create a blockchain-based digital id administration platform.
Particularly, ShareRing will use Tencent Cloud’s optical character recognition and facial recognition expertise to assist enhance its “self-sovereign id app.” In its present kind, the app can be utilized to e book flights, resort reservations, automotive leases and a wide range of different companies.
In a joint assertion, Tencent and ShareRing mentioned the goal of this partnership is to assist Southeast Asian nations “reopen their borders to tourism and get well from the financial blow” of COVID-19.
The journey and tourism business has been ravaged by international lockdowns, with S&P World Scores forecasting a 60% to 70% drop in international air site visitors this 12 months.
The businesses indicated that the platform has already obtained curiosity from numerous authorities companies within the Affiliation of Southeast Asian Nations, which incorporates 10 member states.
Blockchain expertise has lengthy been touted as a possible value-driver of digital recognition techniques. Blockchain is claimed to offer safer administration and storage of digital identities, which can allow seamless journey, background checks, well being file assortment and streamlined Know Your Buyer protocols.
This isn’t the primary time Tencent has been linked to blockchain product improvement. As Cointelegraph beforehand reported, the tech conglomerate beforehand constructed a wine traceability platform for China’s oldest wine producer. Tencent can be backing a blockchain consortium known as FISCO BCOS by means of its WeBank entity.
ShareRing didn’t instantly reply to a request for remark.
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