Chinese conglomerate Tencent Holdings is joining forces with blockchain company ShareRing to launch a new digital identification system to streamline international travel amid the pandemic.
As the South China Morning Post reported Tuesday, ShareRing will combine its distributed ledger technology with Tencent’s cloud services to create a blockchain-based digital identity management platform.
Specifically, ShareRing will use Tencent Cloud’s optical character recognition, or OCR, 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.
In a joint statement, 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.
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.
The companies indicated that