Using Your Digital Me Across Multiple Services with ShareRing, Hedera and FCSO
Imagine you want to apply for a loan (like a personal loan for a car or house) and you need to prove your identity, your financial standing, and your credit score. But here’s the challenge, you don’t want to hand over all your personal details to every service (like banks, loan agencies, or even insurance companies). You just want to prove who you are, show you’re trustworthy, and verify your financial reliability without disclosing everything.
Here’s how FSCO, ShareRing, and Hedera work together to solve this:
Step 1: Creating a Digital Identity (Digital Me) with ShareRing
First, you create your self-sovereign digital identity with ShareRing. This ‘Digital Me’ contains your basic credentials (like your name, age, credit score), but keeps your sensitive information private. With ShareRing, you maintain full control over your identity, deciding what data to share and when to share it.
ShareRing creates a verifiable credential for you, which is a secure, cryptographic proof that validates your identity without revealing everything about you. This is like a digital identity card that can be used for verification across different platforms.
Step 2: Connecting and Verifying with Hedera
Let’s say you now want to apply for a loan at a bank, but the bank uses a different platform (Hedera’s blockchain) to manage its operations. Instead of filling out lengthy forms or submitting piles of documents, the bank can instantly verify your identity and credentials through Hedera’s blockchain, using the data stored in ShareRing.
Hedera is a high-performance public ledger, meaning identity verification happens fast and securely, without delays. The bank can instantly check your digital identity, your credit score, and other necessary credentials, without accessing your private information. It’s a much quicker and safer way to confirm your financial standing.
Step 3: FSCO Ensures Everything Syncs Securely
This is where FSCO plays a critical role. FSCO acts as the “connector,” ensuring that your digital identity flows seamlessly and securely between ShareRing and Hedera. Think of FSCO as the bridge that links ShareRing’s Digital Me to Hedera’s verification system.
With FSCO’s infrastructure:
• Banks can access up-to-date, verified data instantly.
• The process remains private and trustworthy for users.
• The data synchronization happens securely and reliably, no matter the platform.
Step 4: Applying for the Loan
With all these pieces in place, applying for a loan becomes simple and stress-free:
• The bank verifies your identity and credit score through your Digital Me.
• You don’t share unnecessary details like your full address or history—just proof of eligibility.
The result? A faster, safer, and more private loan approval process for both individuals and financial institutions.
The Real-World Benefit:
In this scenario:
This collaboration represents a breakthrough for the Hedera ecosystem by introducing self-sovereign digital identities for real-world use cases:
• ShareRing provides the secure, user-controlled Digital Me.
• Hedera offers a fast and trusted blockchain verification layer.
• FSCO enables these systems to work together seamlessly, unlocking innovative solutions for identity verification.
Why is this important?
• Privacy-Preserving Verification: Users share only what’s necessary—no oversharing of personal data.
• Speed and Efficiency: Services like loan approvals happen almost instantly.
• Scalable and Secure: This solution lays the foundation for broader applications, including Web3 wallets, cross-border finance, and decentralized services.
By pioneering this solution on Hedera, FSCO and ShareRing are setting a new standard for trust, privacy, and efficiency in industries like finance, healthcare, and digital services.
