In today’s digital age, businesses are increasingly seeking novel solutions to streamline their operations as well as provide better, more privacy-oriented services to their customers. Moreover, the past decade has witnessed a growing forum of voices advocating for the use of decentralized digital identity solutions, largely due to the rising incidents of identity theft and data breaches that have increased quite exponentially in recent times.
According to a study by Javelin Strategy & Research, identity theft affected around 13 million Americans in 2019, with losses amounting to $16.9 billion. Even larger numbers have been witnessed over the last couple of years — largely due to the rise of remote working options — with the trend likely to continue in the near future. Therefore, it has become essential for businesses to adopt secure and efficient digital identity solutions to protect their customers’ sensitive information.
ShareRing, a leading digital identity management platform, has recently launched its Pilot Program, offering businesses an opportunity to integrate its digital identity solution into their existing ecosystem. By partnering with ShareRing, businesses can cater to their customers’ needs for a self-sovereign digital identity solution, implement identity verification workflows in their customer onboarding processes, and benefit from ShareRing’s expertise in digital identity management.
Streamlining client onboarding via ShareRing’s digital identity solution
The ShareRing Pilot Program is designed to help businesses take advantage of its cutting-edge self-sovereign ID solutions. To elaborate, the program provides business owners access to ShareRing’s blockchain-powered digital identity solution. Moreover, it allows for the secure and efficient verification of one’s digital identity (i.e., only if the user wishes to).
By integrating ShareRing’s digital identity solution into their platforms, businesses can offer their customers a secure and streamlined onboarding experience — during online shopping, signing up for a website, opening a bank account, etc. — while greatly reducing the risk of fraud and identity theft.
One of the key participants of the program has been the Barbados government, with the country’s national Trident ID system being fully compatible with ShareRing’s identity management module, making the use case a first of its kind. The Trident ID is a unique identification number assigned to the residents of Barbados for various purposes, including taxation and social services. It is a 13-digit number consisting of the individual’s birthdate and unique identifier, similar to other national identification numbers used in other countries, such as Social Security Numbers in the United States or National Insurance Numbers in the United Kingdom.
Streamlining business operations
The benefits of ShareRing’s Pilot Program are not limited to customer onboarding alone. The technology can also be used to smoothen other aspects of a business’s existing operations, such as employee hiring and access management.
By using ShareRing’s digital identity solution, companies can greatly reduce the time and resources needed to verify the identities of their potential employees, thus increasing their operational efficiency and reducing their overheads substantially. Additionally, it can also help make the process of delineating administrative access/rights within an organization much more hassle-free and organized.
Lastly, it stands to reason that moving forward, the pilot program results will influence/drive ShareRing’s plans to develop identity toolkits for businesses across several industries. This is because the firm’s wide-ranging suite of products has the potential to revamp the way in which businesses — across different domains — manage sensitive data about their clients, thereby putting the power back in the hands of the customer.
Looking Ahead
As digitalization expands across industries, secure and efficient digital identity solutions are becoming increasingly critical. According to a report by Grand View Research, the global market for decentralized identity solutions is expected to reach $1.76 billion by 2027, driven by the rising demand for secure and user-controlled identity verification.
ShareRing’s Pilot Program is a step toward a decentralized approach to digital identity management. By providing businesses access to such cutting-edge technologies, the Pilot Program is helping firms revolutionize their operations, especially from a security and customer privacy standpoint. Therefore, as we head into a future driven by the burgeoning Web3 economy, it will be interesting to see how this technological paradigm continues to evolve from here on out.
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