Legacy systems such as old databases, web2 systems, healthcare records, and many others face constant threats from unauthorized access. Several institutions, like hotel chains, retail chains, and even police departments, have lost critical data due to unverified access.
These systems can be effectively secured using blockchain technology. Blockchain, a distributed ledger of immutable records, can provide identity solutions that users can instantly verify.
Further, several companies are at the forefront of Web3 identity solutions. And they can easily integrate Web3 into your existing systems, making them far more secure.
Significant Cases of Data Exploits due to Unverified Access
- Marriott Hotels, a global chain of luxury hotels, lost 5.2 million hotel guests’ data in January 2020. The attackers had compromised the identity of two Mariott employees. They accessed sensitive data such as passports, contact information, loyalty accounts, etc.
Consequently, Mariott had to pay £18.4 million as a penalty for a data breach.
2. Twitter suffered a mass Phishing Attack in July 2020 in which hackers accessed 130 private and corporate Twitter accounts. They later promoted a fake Bitcoin Scam.
The total monetary loss included a $180,000 direct loss, while Coinbase successfully blocked another $280,000.
These exploits show how easily Web2 systems get compromised. However, with an added layer of security, the entire Web2 ecosystem and other legacy systems can become far more secure.
Digital Identity Solutions with Blockchain-based Security
Blockchains make it a lot easier to verify transactions. These transactions can be modified to appear as access requests. Since these transactions are on blockchain, they would require an address to send them, showing the sender’s identity. Therefore, they can be verified with a simple tool in a few seconds.
ShareRing, is a blockchain-based platform enabling the creation and use of self sovereign verifiable credentials across Web2 and Web3. They offer digital identity solutions that help you establish your credentials online. The identification is self-owned, which means it is based on data stored on the user’s device and not shared with anyone, not even ShareRing. All the data is stored in the ShareRing vault inside the ShareRing App.
Pilot Program to get a Next-Gen Solution for Free
ShareRing has announced that they offer free access to proprietary digital identity solutions for businesses that fulfill their eligibility criteria. This presents an excellent opportunity to access next-gen proprietary technology for free.
Recently they have offered a business solutions package via a Pilot Program. This program is focused on providing digital identity solutions for existing systems such as hotels, hospitals, retail chains, government, etc. It offers a unique partnership opportunity to integrate ShareRing’s digital identity solution into existing ecosystems.
Through this partnership, businesses will be able to fulfill their customers’ needs for a self-sovereign digital identity solution and establish and enhance identity verification workflows during the customer onboarding process. The outcomes of this pilot program will have an impact on ShareRing’s plans to create identity toolkits for companies in other industries.
The pilot program is free for any business owner to join, provided they fulfill the eligibility criteria.
Eligibility and Enrollment Process
Businesses can onboard themselves very easily on the website. However, they need to fulfill the following criteria:
- Businesses must have their own app and IT development teams.
- Businesses must be in the alcohol, tobacco, food delivery, telecommunications, and gambling industries OR government bodies based in Europe or Asia-Pacific.
- Must be legally required to verify their customer’s identity (with at least one or a combination of credentials such as passport, ID card, or driver’s license) before providing their services/experiences.
ShareRing works closely with business owners to test and develop the future of digital identity to build trust with their customers.
They have recently hosted hackathons to make identity solutions for schools and colleges. ShareRing hosted its most recent hackathon in Vietnam in February 2023.
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