Ping Identity Acquires ShoCard
October 2020 by Marc Jacob
Ping Identity announced the acquisition of ShoCard, a specialize in technology designed to transform the way users manage their identity and engage with companies. The acquisition marks a significant step towards its vision of providing users with more control over their privacy while reducing fraud and streamlining user interactions with companies. With the adoption of this new technology, Ping Identity is paving the way for a new era in identity where individuals have more control over their personal information and how and when it is shared. The technology allows individuals to collect verification of their identity and share it with businesses when establishing new relationships in a privacy-first user experience.
ShoCard leverages the power of today’s mobile phones as a personal identity vault. Through integration with the Ping Intelligent Identity Platform which secures over 2 billion accounts, ShoCard allows users to collect and store personal identity information on their phone and then unlock and share that information using facial or fingerprint biometrics. The technology will be integrated into the Ping Platform and made available to all Ping customers as a new model for privacy and customer engagement.
Personal identity, also called decentralized or self-sovereign identity, creates a new way for individuals to safely collect and share information about themselves to prove identity to others and gain access to services such as opening a bank account, refinancing a mortgage, buying a car, starting a new job and more. The technology allows users to share only what is necessary and companies can verify that information in real time.
To populate the ShoCard identity wallet, companies share validated claims about users such as proof of employment, proof of salary, proof of education, proof of vaccination etc. Once received, individuals can share that information with others through text, email, QR code or other secure channels. In addition to both security and privacy benefits, this revolutionary new model of identity data-exchange will dramatically improve user experiences for both consumers and service providers by reducing the amount of time, money and effort that goes into identity verification, eliminating registration forms and allowing users to login with nothing more than a face or fingerprint biometric.
The Future is Personal
A personal identity solution is long overdue in today’s market. Seventy percent of Americans believe their personal data is less secure now than it was five years ago and 84% say they want more control over how their data is being used. Ping’s personal identity model will address these concerns and empower businesses to differentiate themselves in a world where privacy and convenience are highly valued.
"Decentralized identity and the renewed interest in protecting privacy and data ownership (and monetization) will be transformational. There is a reasonable indication that the winners in the next decade will be those that figure out the new formulas for adopting a decentralized identity. This will unlock a large market opportunity for digital business” wrote Homan Farahmand, Senior Director Analyst, Gartner in the January 2020 Guidance for Decentralized Identity and Verifiable Claims report.
Ping Identity’s new personal identity solution includes an identity wallet which represents a groundbreaking, privacy-first approach to digital interactions. It contains sharable, validated claims from which users can select to share for a particular vendor, partner or resource. These validated claims could be from a driver’s license, passport, university transcripts, employment verification, vehicle registrations or bank account statements, and used in limitless scenarios.
Ping Identity will be rolling out new solutions that further its personal identity model in the coming months.