News Report Technology
November 02, 2023

Blockchain Firm ShareRing Receives Government Certification to Offer Digital Identity Solutions in UK

In Brief

Australian blockchain company ShareRing has secured accreditation under the “Digital Identities and Attributes Trust Framework” in the UK.

Australian blockchain company ShareRing has become one of the first entities in the industry to secure accreditation under the “Digital Identities and Attributes Trust Framework” (DIATF) in the United Kingdom.

With the company securing accreditation, it enables the provision of its digital identity solution for digital ID authentication, alongside the incorporation of ID verification for land registry purposes in the UK.

ShareRing’s founder Tim Bos, said, “Digital identities are pivotal to removing friction from our everyday lives and drastically improving operational efficiency across all businesses.”

“The UK’s leadership in digital ID regulation, coupled with the DIATF accreditation, positions ShareRing to confidently partner with both public and private sectors in Australia and the UK, bringing the benefits of self-sovereign digital identity to a broader audience,” Bos added.

The DIATF, overseen by UK government authorities, is a comprehensive framework designed to establish trusted and secure digital identity ecosystems.

It outlines rigorous standards, principles, and requirements that accredited companies, such as ShareRing, must meet to guarantee the integrity, privacy, and reliability of user data, while simultaneously mitigating the risk of identity fraud and cyber threats.

According to ShareRing, this accomplishment is a testament to the company’s commitment to providing secure, self-sovereign digital identity solutions, ushering in a new era of trust and security in the digital identity space.

Potential to serve solutions for multiple industries

ShareRing’s digital identity technology solution can serve a multitude of industries.

Whether it’s for financial KYC (Know Your Customer), customer due diligence (CDD), age and ID verification, venue and guest management, or corporate identity management, the blockchain solution provider provides businesses with an end-to-end platform to prove their customers’ identities.

For businesses, the management of digital identity needs is facilitated through a web-based platform, streamlining the process of identity verification and reducing operational friction. Customers, on the other hand, can create and control their reusable digital IDs through the Identifi Me app, allowing them complete sovereignty over their personal information.

Moreover, the digital identity solution from the firm relies on blockchain technology, specifically Tendermint PoS and Cosmos SDK – an approach that creates a tamper-proof ecosystem for both businesses and individuals.

According to ShareRing, unlike traditional identity systems that are susceptible to data breaches and fraud, its solution ensures that personal data is not only verified but remains under the user’s control.

The data is shared with third parties only when necessary and with explicit consent.

The company added that this level of control and security is a substantial leap forward in protecting individual privacy and reducing the risk of identity-related crimes.

Plans to establish partnerships

Over the past year, ShareRing has already begun making strides in the private sector by replacing conventional KYC and customer authentication processes with their reusable digital identity solutions.

The company has plans to continue establishing partnerships with Australian and UK investment funds, nightlife and F&B venues, and hotels. These partnerships are expected to enhance business security against identity fraud while simultaneously improving operational processes and reducing costs.

ShareRing’s achievement of DIATF accreditation represents a significant leap forward in the world of digital identity. With their blockchain-powered self-sovereign identity solution, they are setting a new standard for trust, privacy, and data security, and their partnerships with diverse sectors are expected to bring these benefits to a wider audience, potentially revolutionizing the way we handle digital identities in the future.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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