ShareRing, a blockchain-based ecosystem providing digital identity solutions, has integrated near-field communication (NFC) technology to make the electronic know your customer (eKYC) process more secure and reliable.
Per the announcement:
“NFC technology ensures that ShareRing IDs created with an e-passport have a high confidence level of attestation and trustworthiness since these are issued by a government body.”
The report added:
“It also reduces the likelihood of inability to extract the correct information from a document such as a passport since the information extracted from a chip is more reliable and trustworthy.”
Since ShareRing is a user-focused blockchain platform, it permits sharing, verifying, storing, and issuing personal information and key documents. Therefore, the NFC technology will come in handy for verification purposes. As a result, ShareRing will have more robust eKYC solutions. Per the report:
“NFC will be the future standard for ID cards for some time and therefore is supremely convenient for customers who already have NFC readers in their pockets. It, therefore, provides an excellent method for customers to process their ID documents during eKYC.”
As one of ShareRing’s main products, eKYC enables financial institutions to handle KYC processes faster and more efficiently. This allows users to flexibly give and take consent for data sharing, supported by the blockchain on a decentralized platform.
Meanwhile, the blockchain platform has updated the FaceMatch feature to enhance the face detection success rate. ShareRing pointed out:
“When new users sign up for a ShareRing ID, an official government ID must be provided in addition to a live selfie feature using our own technology called FaceMatch. This feature detects the face from the document and compares it to the user’s live selfie.”
Earlier this year, ShareRing integrated its native ShareToken (SHR) into the Ethereum and Binance networks through Multichain swap for enhanced digital identity solutions, Blockchain.News reported.