China-based heavyweight Tencent Holdings is reportedly forging an alliance with blockchain firm ShareRing, to establish a new digital identification system, aimed at enhancing global traveling.
Specifically, ShareRing will reportedly utilize its DLT tech for the integration with Tencent’s cloud services, to establish a blockchain-powered digital identity management platform, dedicated to assist international travelling when the global health crisis is still ongoing.
Particularly, ShareRing will reportedly employ optical character recognition solution as well as facial recognition technology developed by Tencent, in a bid to streamline its “self-sovereign identity app.”
With the existing version, the app reportedly facilitates flight booking, hotel reservations, car rentals along with a wide range of other services.
Tencent and ShareRing reportedly issued a joint remark, claiming that the primary goal of this collaboration is to offer assistance to nations located in the South East Asia (SEA) region, to “reopen their borders to tourism and recover from the economic blow” delivered by the pandemic.
The travel and tourism sectors have reportedly undergone extensive hardships due to international lockdown with forecast figures from S&P Global Ratings indicating a 60% to 70% decline in global air traffic in 2020.
Blockchain has reportedly been perceived as a viable solution for boosting values of digital recognition systems, offering an enhanced level of secure management and storage of digital identities, enabling seamless travel, background checks, health record collection along with making KYC protocols better.