Denver-based Ping Identity, which makes a speciality of clever id software program, made official on Oct. 6 that it’s buying private id administration platform maker ShoCard to bolster its safety platform.
The acquisition was first introduced in March through the firm’s fourth-quarter 2019 earnings name. Financial phrases of the deal weren’t disclosed, however in accordance with Ping’s first-quarter statements, the seller paid $4.7 million for ShoCard.
With the adoption of this know-how, Ping Identity is paving the way in which for a brand new id mannequin wherein finish customers are answerable for the non-public particulars they share with service suppliers, creating an all-around frictionless, privacy-first person expertise.
Ping CEO Andre Durand mentioned that ShoCard brings a safe, easy-to-use answer to retailer and alternate private id knowledge, utilizing blockchain know-how that might be built-in into the Ping Intelligent Identity Platform. Personal id, additionally known as decentralized or self-sovereign id, creates a brand new approach for customers to securely share details about themselves to realize entry companies—akin to opening a checking account, refinancing a mortgage, shopping for a automobile, beginning a brand new job and extra — with out having to share extra private info than mandatory with a service supplier.
Identity pockets included
Ping Identity’s new private id answer consists of an id pockets which represents a privacy-first strategy to digital interactions. It accommodates sharable, validated claims from which customers can choose to share for a selected vendor, companion or useful resource. These validated claims might be from a driver’s license, passport, college transcripts, employment verification, car registrations or checking account statements, and utilized in limitless eventualities.
Companies can share validated claims with the person—proof of employment, proof of vaccination, proof of academic accomplishments and different claims—which the person can in flip conveniently share with others.
In addition to the safety and privateness advantages, this mannequin improves the person expertise on each the buyer and repair supplier aspect by accelerating and automating id processing, the corporate mentioned in a media advisory.
The future of private id
A private id mannequin is lengthy overdue in at this time’s market, Ping mentioned. Pew Research reported that 70% of Americans consider their private knowledge is much less safe now than it was 5 years in the past, and 84% say they need extra management over how their knowledge is getting used. Durand mentioned that Ping’s private id mannequin will handle these issues and empower companies to distinguish themselves in a world the place privateness and comfort are extremely valued.
“Decentralized id and the renewed curiosity in defending privateness and knowledge possession (and monetization) might be transformational. There is an inexpensive indication that the winners within the subsequent decade might be people who determine the brand new formulation for adopting a decentralized id. This will unlock a big market alternative for digital…
