Chinese Tech Giant Tencent and Blockchain Company

Tencent Holdings Ltd, also known as Tencent is a world-famous tech giant. Importantly, Tencent decided to join forces with blockchain company ShareRing to launch a new digital identification system to streamline international travel amid the coronavirus pandemic.

It is worth noting that the blockchain company will utilize its distributed ledger technology along with Tencent’s cloud services to create a blockchain-based digital identity management platform. People should keep in mind that the blockchain company will use Tencent Cloud’s optical character recognition and facial recognition technology to help improve its self-sovereign identity app. Interestingly, in its current form, it is possible to use the app to book flights, hotel reservations, car rentals, and a variety of other services.

Based on the information taken from the joint statement, the aim of this partnership is to help Southeast Asian countries reopen their borders to tourism and recover from the damage caused by the pandemic. It is no secret that the travel and tourism industry suffered heavy losses due to the coronavirus pandemic.

Interestingly, S&P Global Ratings expects a 60% to 70% drop in global air traffic this year. Moreover, it could take several years to return to the pre-coronavirus period. Airlines all over the world are struggling to adapt to the ever-changing environment. Some of them reduced the number of employees as well as the number of planes. It is not surprising as they are trying to avoid the worst-case scenario.

How Blockchain Technology Helps to Save Lives

Blockchain digital ID platform and interested parties

It is worth mentioning that the platform has the potential to play an important role. The companies indicated that the platform already received interest from various government agencies in the Association of Southeast Asian Nations. There are 10 members in this association.

Importantly, blockchain can provide more secure management and storage of digital identities, which may enable seamless travel. Moreover, background checks, health record collection, and streamlined Know Your Customer protocols.

As stated above, hotels, restaurants, airlines, are struggling to cope with the impact of the coronavirus pandemic. However, thanks to the blockchain-based digital ID platform, it will be easier to solve problems. Tencent and other companies have the opportunity to take part in this process.

It could take several years to restore the tourism industry, as it won’t be easy to cope with all challenges. However, thanks to such platforms, companies have the ability to support the industry. Moreover, governments should pay more attention to the blockchain-based digital ID platform.