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Cryptocurrencies

ShoCard rolls out enterprise identity solution using blockchain

Wednesday 23 August 2017 | 08:17 AM CET

ShoCard, a blockchain-based identity management system (IMS), has received USD 4 million in funding for the rollout of its enterprise solution, ShoBadge.

Thus, the new funding brings the company’s total funding to USD 5.5 million. This investment round was led by existing investors, Morado and AME Cloud Ventures with new participation from Storm Ventures, Danhua Capital, Correlation Ventures, Recruit Strategic Partners and Robert Tinker, founder and former CEO of MobileIron.

The new product eliminates the need for usernames and passwords within the enterprise to authorize network and data access, instead using a blockchain-based digital identity verification and authentication process. All identification information is encrypted and stored on employee mobile devices. After employees choose to share their information with their employer, the blockchain acts as an immutable ledger to verify the information and ultimately grant access to authorized employees.

By using this method, no personally identifiable information (PII) is stored on the blockchain.

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