Tencent Holdings Teams Up With ShareRing To Launch A New Digital Identification System
Tencent Holdings Teams Up With ShareRing To Launch A New Digital Identification System
November 18, 2020
Tencent Holdings Teams Up With ShareRing To Launch A New Digital Identification System
Tencent Holdings Teams Up With ShareRing To Launch A New Digital Identification System
November 18, 2020

Tencent Holdings, the Chinese conglomerate, has teamed up with ShareRing, the blockchain company, to launch a new digital identification system to streamline international travel amidst the COVID-19 pandemic. 

It has been reported by South China Morning Post that ShareRing will combine its distributed ledger technology with Tencent’s cloud services to create a blockchain-based digital identity management platform.

However, ShareRing will use Tencent Cloud’s optical character recognition and facial recognition technology to help improve its “self-sovereign identity app.” In its current form, the app can be used to book flights, hotel reservations, car rentals, and a variety of other services.

The report said that Tencent and ShareRing said the aim of this partnership is to help Southeast Asian countries “reopen their borders to tourism and recover from the economic blow” of COVID-19.

Likewise, the travel and tourism industry has been ravaged by global lockdowns, with S&P Global Ratings forecasting a 60% to 70% drop in global air traffic this year. 

ALSO READ :  French Finance Minister Bruno Le Maire Says Cryptocurrencies Are Used For Money Laundering

Thus, the two companies indicated that the platform has already received interest from various government agencies in the Association of Southeast Asian Nations, which includes 10 member states.

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bybit Rolls Out A BTC/USD Quarterly Futures Contract

Bybit Rolls Out A BTC/USD Quarterly Futures Contract

Bybit rolls out a BTC/USD quarterly futures contract today. Two contracts will be offered at launch BTCUSD1225 by settling on December 25, 2020, and BTCUSD0326, which will be settled on March 26, 2021. It has been...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.