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Author Topic: [2015-07-20] Blockchain-based Digital Identity Startup Raises $1.5m  (Read 348 times)
upsidedown75
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July 20, 2015, 06:06:26 PM
 #1

Blockchain-based Digital Identity Startup Raises $1.5m

Blockchain-based startup ShoCard has raised $1.5 million to fund the development of its digital identity card, the Tech Crunch reported. Debuted in May this year, the startup plans to verify and store identity records into the blockchain, a technology that currently runs the disruptive digital currency Bitcoin.

http://www.newsbtc.com/2015/07/20/blockchain-based-digital-identity-startup-raises-1-5m/

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July 20, 2015, 06:23:27 PM
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Their Basic idea is pretty confusing, I doubt it's going to be successful in eliminating fraud,identity theft etc.

http://techcrunch.com/2015/05/05/shocard-is-a-digital-identity-card-on-the-blockchain/
Quote
"Meet ShoCard, a startup that stores your identity onto bitcoin’s blockchain so that you can prove your identity whenever you need to. "
Quote
"Your ShoCard is basically a tiny file that only you can manipulate. When you create your ShoCard, you first scan your identity document and sign it. Then, the mobile app will generate a private and public key to seal that record. It is encrypted, hashed and sent to the network of communicating nodes running bitcoin software for later use.

After this initial creation process, you will use the company’s app to retrieve your information. But the best part of this technological feat is that ShoCard hides all this complexity for the consumer. There are multiple use cases for something like ShoCard, starting with online purchases."

Does that Means If I have a fake passport, I can create a shocard with it and prove everyone that it's my real identity? Or It means, I can make a shocard with someone else's ID card and virtually use it illegally anywhere.
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