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Palo Alto based blockchain-based identity management system ShoCard has announced $4m in Series A funding led by Merado Venture Partners and AME Cloud Ventures. The new product eliminates the need for usernames and passwords within the enterprise to authorize network and data access, instead using a blockchain-based digital identity verification and authentication process.
Having already built a leading position in consumer identity management, which includes banks and financial institutions, credit-reporting companies, airlines and companies requiring user logins for websites and apps, ShoCard is utilizing the funds to offer the same caliber of efficiency, optimal user experience and superior security for the workplace. "Eliminating usernames and passwords at the enterprise level will close the security gap in organizations' cyber defenses. Large databases filled with this sensitive information will no longer be necessary, and weak passwords, easily exploited by hackers, will no longer exist," said Armin Ebrahimi, founder and CEO of ShoCard. "ShoBadge will use the ShoCard verification, enrollment and authentication tools that leverage mobile devices along with the blockchain as the next generation of identity management, offering CIOs and CISOs a consolidated approach and more secure identity management for their enterprise."
