DENVER — October 7, 2020 — Ping Identity (NYSE: PING), the intelligent identity solution for the enterprise, today announced the acquisition of self-sovereign management leader ShoCard, a significant step toward its vision of personal identity. With the adoption of this technology, Ping Identity is paving the way for a new identity model where end users are in control of the personal details they share with service providers, creating an all-around frictionless, privacy-first user experience.
ShoCard brings a secure, easy-to-use solution to store and exchange personal identity data, leveraging blockchain technology that will be integrated into the Ping Intelligent Identity Platform. Personal identity, also called self-sovereign identity, creates a new way for consumers to safely share information about themselves to gain access services — such as opening a bank account, refinancing a mortgage, buying a car, starting a new job and more — without having to share more personal information than necessary with a service provider. Companies can share validated claims with the individual — proof of employment, proof of vaccination, proof of educational accomplishments and other claims — which the individual can in turn conveniently share with others. In addition to the security and privacy benefits, this model dramatically improves the user experience on both the consumer and service provider side by accelerating and automating identity processing.
The Future of Personal Identity
A personal identity model is long overdue in today’s market today. Over 70% 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.
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.
“Personal identity is the next wave of the identity security evolution, representing a boon for business and consumers alike. Under this model, businesses can avoid storing sensitive data and the risks that come along with it, while customers can avoid sharing unnecessary personal information with service providers, ultimately creating a more trusted online experience,” said Andre Durand, CEO, Ping Identity. “Issues of privacy and mistrust are addressed when individuals can pick and choose what personal information to share with organizations to validate a fact about themselves. ShoCard’s best-in-class technology allows Ping to greatly accelerate our mission of creating a personal identity future.”
“The success of any future-proof identity solution rests on its ability to remove friction, deliver a seamless user experience, strengthen security and privacy protocols, and offer ownership and control to the end user,” said Armin Ebrahimi, founder of ShoCard and head of distributed identity at Ping Identity. “This has been our vision since day one at ShoCard. And now, as an integral part of Ping Identity’s trusted brand that touches over two billion users, we can make this vision a reality.”
Ping Identity will be rolling out new solutions that further its personal identity model in the coming months. To find out more, visit www.shocard.com.