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 providers to create a blockchain-based digital identification administration platform.
Particularly, ShareRing will use Tencent Cloud’s optical character recognition and facial recognition expertise to assist enhance its “self-sovereign identification app.” In its present kind, the app can be utilized to e-book flights, lodge reservations, automobile leases and a wide range of different providers.
In a joint assertion, Tencent and ShareRing stated the intention of this partnership is to assist Southeast Asian international locations “reopen their borders to tourism and get well from the financial blow” of COVID-19.
The journey and tourism trade has been ravaged by international lockdowns, with S&P International Scores forecasting a 60% to 70% drop in international air visitors this yr.
The businesses indicated that the platform has already acquired curiosity from varied authorities businesses within the Affiliation of Southeast Asian Nations, which includes 10 member states.
Blockchain expertise has lengthy been touted as a possible value-driver of digital recognition techniques. Blockchain is claimed to supply safer administration and storage of digital identities, which can allow seamless journey, background checks, well being report 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 previously built a wine traceability platform for China’s oldest wine producer. Tencent is also backing a blockchain consortium known as FISCO BCOS by way of its WeBank entity.
ShareRing didn’t instantly reply to a request for remark.