The Chinese conglomerate Tencent Holdings merges with the blockchain company ShareRing a new digital identification system to streamline international travel amid the pandemic.
As reported on Tuesday South china morning post, ShareRing will combine its DLT technology with Tencent’s cloud services to create a blockchain-based platform for digital identity management.
In particular, ShareRing uses the optical character recognition or OCR, and the Tencent Cloud facial recognition technology to improve yours “sovereign identity application”. In its current form, the app can be used to book flights, hotels, rental cars and a host of other services.
In a joint statement Tencent and ShareRing said the goal of this partnership is to help Southeast Asian countries “reopen their borders to tourism and recover from the economic impact” of COVID-19.
The travel and tourism industries have been destroyed by global lockdowns S P Global Ratings is forecasting a 60% to 70% decline in global air traffic this year.
The companies said the platform has already received interest from various government agencies in the Association of Southeast Asian Nations (Asean), which includes ten member states.
Blockchain technology has long been touted as a potential value driver for digital recognition systems. This technology is designed to enable more secure management and storage of digital identities that enable seamless travel, background checks, medical record collection and streamlined KYC protocols.
This is not the first time Tencent has been involved in the development of blockchain products. As Cointelegraph previously reported, the technology conglomerate previously built a wine traceability platform for China’s oldest wine producer. Tencent also supports a blockchain consortium called FISCO BCOS through its WeBank unit.
ShareRing has not yet responded to our request for comment.