Part 9: The Value of Blockchain Application

 Blockchain for credit inquiry system  

ShoCard is a startup company in America. In 2015, the former vice president Armin Ebrahimi of YaHoo and the former vice president Jeff Weitzman of Coupons.com set up ShoCard with the fund-raising $1.5 million from Digital Currency Group and other three venture firms. ShoCard devotes a commitment to the digital identity authentication management by blockchain technology. Ebrahimi takes ShoCard as a way for people to check their own insurance accident, provide the identity authentication information for the e-commerce providers, banks, or any third party organization. The interface user can upload identity ID card to Shocard application. All these files will be stored and encrypted immediately to the Blockchain. And ShoCard does not have to store or hold any of these files. Files are sealed on the Blockchain that cannot be changed. Anyone who needs to know your identity could be allowed to authenticate on Shocard.

 For example, if a bank needs to verify your identity, you can send your encrypted Shocard. Then bank through checking the Shocard data whether matching with the encrypted data on the Blockchain. And bank will create their own recording that related to Shocard, encrypt them by using their private key. In this way, bank will verify you at any time. This verification can be used for account login, account management, credit card authentication and so on. It is similar to the signature card in the storage file of bank, have the use for matching the signature on a personal cheque. The followings are the use cases from bank and tourism industry:

Case 1: When logging in, you just need to scan the QR code on the bank web from your Shocard app, taking trouble free of forgot the username and  password or easily hacked. Then your app will receive a message about fingerprint verification. After providing fingerprint, you will sign in automatically.

Case 2: When you need to call the bank customer service for the account problems. In the traditional way, they will ask you some security questions, something about your mother’s surname, your account ID, or your username. If your account hacked, all these can be destroyed. Instead, using Shocard to send a message to your application, communicating with the bank operator: notify you to be verified by a fingerprint. After being verified by Shocard app, bank will determine your identity.

Case 3: Passengers use Shocard APP to upload all their travel documents. These files will be sealed and encrypted on Blockchain, and anyone can use the public key to verify their authenticity. Passengers can share such information by scan the QR code when they check in, pass security check or immigration checkpoint. Perhaps passengers need to provide the original documents to verify in the first time, but those people who often flying can use the app as needed.