ShareRing started as a simple idea of creating a single platform for all your traveling needs - visa, insurance, hotel booking, car rentals. Everything in one app, providing a seamless experience to the end user. Due to covid, the team had to pivot, and in process they built something so much bigger.
This project has by far some of the biggest partnerships with huge companies and governments. Unprecedented tokenomics. And an amazing business model.
This series of articles is designed to give insight into the ecosystem.
ShareRing ID
At the core of everything is ShareRing ID. In simple terms, it is a safe data store that end user has on their own device. This data store can contain all kinds of documents:
- passport
- driving license
- vaccination certificate
- covid results
- university diplomas
- and anything else
These documents are stored in the user device, a thumbprint of these documents is stored in the blockchain. Meaning, if the document would change, it no longer matches the thumbprint. This allows for very secure interactions that do not invade user privacy. Imagine this simple flow:
- You get vaccinated
- You are given a vaccination document
- This document is added to your ShareRing ID
- A thumbprint of this document exists in the blockchain
- A confirmation of this document validity is recorded in the blockchain
- You go to any location that requires vaccination to enter
- You scan a QR code
- A thumbprint of your document is found in the blockchain
- A confirmation of validity is found in the blockchain
- You are given entry
Take note, your documents were not sent to any third party. There's no data store with your name and your documents. All of these physical interactions between different people and companies can be securely confirmed between all of the parties without having a central data store that everyone needs to trust.
This is the core of the functionality, but there are A LOT of supporting features for security and usability.
Like the application that at the moment is in closed beta, which actually allows you to register and manage your ID in a simple way. Recognizes documents from hundreds of different countries. Provides liveness detection. Etc.
Or various security considerations that complete the product, like watermarking of sent documents to prevent identity theft.
Everything in ShareRing ecosystem revolves around this ID. Other things are built using it
- Get your eVisa
- Insurance
- Rent a car
- Book a hotel
- Self-service check-in
- Confirm your credentials in an recruitment application
- Control access to an office building
- etc.
Unlike many other projects that only create the technology but then do not have any adoption, ShareRing is building the end product themselves. Also they provide a white-labeled solution for companies and governments to use the underlying technology but have their own branding.
Next post will cover the partnerships of ShareRing, but a small teaser as we go: Thailand is using ShareRing for eVisas.
