Chinese conglomerate Tencent Holdings in collaboration with the blockchain firm ShareRing is launching a new digital identification system to streamline international travel amid the coronavirus outbreak.
As the South China Morning Post reported Tuesday, ShareRing will combine its DLT with Tencent’s cloud services to make a blockchain-based digital identity management platform.
Moreover, ShareRing will use Tencent Cloud’s optical character recognition and face recognition technology to assist improve its “self-sovereign identity app.” In its current form, the app would be employed to book flights, hotel reservations, car rentals, and a spread of other services.
As per an official announcement, Tencent and ShareRing added that the aim of this partnership is to assist Southeast Asian countries “reopen their borders to tourism and get over the economic blow” of coronavirus.
The travel and tourism industry has been ravaged by global lockdowns, with S&P Global Ratings forecasting a 60% to 70% drop by global traffic this year.
The firms indicated that the platform has already received interest from various government agencies within the Association of Southeast Asian Nations, which incorporates 10 member states.
Blockchain technology has long been touted as a possible value-driver of digital recognition systems. Blockchain is claimed to offer safer management and storage of digital identities, which can permit seamless travel, background checks, health record collection as well as streamlined KYCprotocols.
This isn’t the primary time Tencent has been linked to blockchain development. As reported earlier, the tech conglomerate previously built a wine traceability platform for China’s oldest wine producer. Tencent is additionally being backing a blockchain consortium called FISCO BCOS via its WeBank entity.