ShoCard, a mobile-identity platform raised $1.5 million in seed financing which allows ot to expand aggressively and accelerate product development by hiring key engineering talent.
Its draw is in its theft proof online identity system that is a breeze to use. It works on your mobile phone and doesn’t require you to remember passwords or answer obscure questions.
At the same time, it promises game changing pricing so the current cost per transaction for credit cards which affect profit margins of customers would be negligible. In fact, because it sits on a blockchain, banks can easily check every past transaction
to eliminate fraud.
Its authentication is built on Bitcoins’ BlockChain data layer. This means it does not need to store data that can be tampered with. “We’re using public and private keys, data hashing, and multi-factor authentication to provide security, while using users’ smartphone to securely maintain all private data as to protect user privacy,” said founder Armin Ebrahimi.
Here’s how blockchain works, shown in the context of Bitcoin.
Shocard is in its early stages but looks promising for online businesses in the near future. Do you think your business is likely to use it?