Most smartphones come with built-in Near Field Communication technology (NFC). Tiny NFC chips have the power to turn phones into mobile wallets, enabling customers to make quick and secure contactless payments with the flick of a wrist using apps like Apple Pay or Google Pay.
With close to 4 billion active smartphones today, global smartphone penetration is at an all-time high. There are more than 2 billion NFC-enabled devices, with most being phones. Over 20% of the world’s population already has access to NFC. See: seven things that make self-sovereign identity different.
NFC is nothing new. It is an evolution of radio frequency identification (RFID), a decades-old wireless connectivity solution widely used in hotel key cards and entry passes. NFC is more fine-tuned than RFID and operates at a much shorter range of around 4cm to 10cm, making NFC a more secure solution.
Apple’s adoption of NFC in the iPhone 6 and onwards massively boosted the profile of NFC. NFC has many other applications besides mobile payments. For example, it is found in contactless credit cards, transit passes, and modern identity documents like e-passports and driver’s licences. See: ShareRing Me.
Around the world, some 150 countries now have an ID card that is NFC chip-enabled. These cards are securely encrypted, and the data on the NFC chip cannot be forged or changed.
Such widespread adoption of NFC in identity documents opens new possibilities for digital identity services and onboarding companies using eKYC. See: the three verification levels inside the ShareRing Vault.
Where we sit.
ShareRing has been building this technology since 2018. The encrypted Vault and self-sovereign ID model we put in the original whitepaper are the same architecture under everything we deploy today.
If you want to discuss privacy KYC at country scale, the door is open at sharering.network/contact.
By ShareRing Team of ShareRing.
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