ShareRing Adopts NFC Technology to Enhance eKYC Solutions

ShareRing, a blockchain-based ecosystem providing digital identity solutions, has integrated near-field communication (NFC) technology to make the electronic know your customer (eKYC) process more secure and reliable.

Per the announcement:

“NFC technology ensures that ShareRing IDs created with an e-passport have a high confidence level of attestation and trustworthiness since these are issued by a government body.”

The report added:

“It also reduces the likelihood of inability to extract the correct information from a document such as a passport since the information extracted from a chip is more reliable and trustworthy.”

Since ShareRing is a user-focused blockchain platform, it permits sharing, verifying, storing, and issuing personal information and key documents. Therefore, the NFC technology will come in handy for verification purposes. As a result, ShareRing will have more robust eKYC solutions. Per the report:

“NFC will be the future standard for ID cards for some time and therefore is supremely convenient for customers who already have NFC readers in their pockets. It, therefore, provides an excellent method for customers to process their ID documents during eKYC.”

As one of ShareRing’s main products, eKYC enables financial institutions to handle KYC processes faster and more efficiently. This allows users to flexibly give and take consent for data sharing, supported by the blockchain on a decentralized platform.

Meanwhile, the blockchain platform has updated the FaceMatch feature to enhance the face detection success rate. ShareRing pointed out:

“When new users sign up for a ShareRing ID, an official government ID must be provided in addition to a live selfie feature using our own technology called FaceMatch. This feature detects the face from the document and compares it to the user’s live selfie.”

Earlier this year, ShareRing integrated its native ShareToken (SHR) into the Ethereum and Binance networks through Multichain swap for enhanced digital identity solutions, Blockchain.News reported. 

Image source: Shutterstock


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Austrian Post combines NFT and NFC tech for digital postage stamp

Oesterreichische Post AG — Austria’s postal service — is set to adopt even more digital technology protocols for its nonfungible token postage stamps.

In a recent announcement, the Austrian Post announced plans for NFC chips to Crypto Stamp 3.0 — the third iteration of its limited-edition NFT postage stamp collectible series.

These embedded NFC chips will allow stamp owners to verify the authenticity of the physical stamp based on metadata tied to the digital twin stored on the blockchain.

Indeed, the Austrian Post made history back in 2019 by becoming the first government-backed institution to launch an NFT. The Austrian Post Crypto Stamp also won numerous awards at the NFT Awards 2020 including the “Adoption Potential Award” and the “People’s Choice Award.”

Detailing the NFC–NFT interaction for Crypto Stamp 3.0, the post office said:

“For the first time, NFC technology is also being used on an Austrian postage stamp: The Crypto stamp 3.0 is based on an NFC-supported authenticity check and is cryptographically encrypted […] By reading out the NFC chip, both the authenticity and the digital twin can be revealed.”

According to the Austrian Post, the use of NFC tech eliminates the need for creating an additional scanning app to verify ownership of the NFT postage stamp.

For Stefan Nemeth, head of product management and e-business branches at Austria’s postal service, the adoption of NFC technology is a major step in adding even more intuitive features to future NFT postage stamp iterations.

Crypto Stamp 3.0 will have a market value of 9.90 euros ($12) with a total circulation of 100,000 stamps. Registration for pre-ordering the NFT stamp will reportedly commence in June.

Since debuting its NFT postage tokens, postal services in other jurisdictions have also got in on the act. Back in March, Coinsilium, a crypto startup inked a partnership with the Gibraltar Philatelic Bureau to issue NFT postage stamps.

As previously reported by Cointelegraph, the United States Postal Service certified CaseMail’s postage NFTs back in April.