Ping Identity is moving into the decentralized identity space through the acquisition of ShoCard. The latter’s digital technology will be integrated into the broader Ping Intelligent Identity Platform to give users a more convenient and secure way to share their personal information.
ShoCard itself is the developer of a digital vault that turns a mobile device into a secure identity wallet that can consolidate a wealth of personal information. In that regard, the wallet can be used to store everything from driver’s license and passport data to verified employment, education, and vaccination records. Once stored, users can leverage the biometric scanners in their phone to gain access to their information with face or fingerprint recognition.
From that point forward, the user can choose when, how, and with whom they share that personal information. The exchange can be carried out via email, text, QR code, or some other channel, and is limited to the information that is necessary for that specific interaction. The solution will give users more control over their data, and allow them to open bank accounts and access other goods and services without disclosing other details.
Decentralized identity tech is expected to make onboarding more convenient for consumers while simultaneously reducing the administrative burden for large organizations.
“Under this model, businesses can avoid storing sensitive data and the risks that come along with it, while customers can avoid sharing unnecessary personal information with service providers, ultimately creating a more trusted online experience,” said Ping Identity CEO Andre Durand.
“The success of any future-proof identity solution rests on its ability to remove friction, strengthen security, and offer ownership to the end user,” added ShoCard Founder and Ping Identity Distributed Identity Head Armin Ebrahimi. “As part of Ping Identity’s brand, we can make this vision a reality.”
The Ping Platform currently provides coverage for more than 2 billion individual accounts, and was updated at the tail end of 2019 to offer better support for FIDO’s passwordless authentication protocols. ShoCard, meanwhile, has also developed a digital document signing service built with blockchain technology.
October 7, 2020 – by Eric Weiss