ShareRing, a blockchain-based platform offering digital identity solutions, intends to address Web3 users’ quest for a zero-trust and self-service ecosystem through its Vault Query Language (VQL). 

Since a query language (QL) is any computer programming language that requests and retrieves data from databases and information systems by sending queries, the platform seeks to revamp the use of self-sovereign verifiable credentials in Web3 using VQL. 

By borrowing a leaf from the logic behind a QR code, ShareRing also intends to make the extraction of personal identification information (PII) transparent. Per the report:

“ShareRing’s VQL is an efficient, trustworthy digital process to request and review PII. Because it’s connected to a user’s ShareRing ID and Vault, it not only ensures that this is a secure way to communicate PII but it’s also easy to set up.”

The zero-trust ideology continues to gain steam because it heightens security by eliminating assumptions. Therefore, ShareRing’s VQL aims to minimize the risk of human error in the Web3 ecosystem. The report noted:

“ShareRing’s VQL removes friction between the user and customer while preserving standards and compliance to data privacy regulations.”

Is Web3 the solution for enhanced password management?

As security breaches continue to wreak havoc as witnessed at password-manager giant LastPass last year, Web3 seeks to be an ideal solution based on the decentralized storage presented. 

Therefore, ShareRing Vault is founded on the Web3 concept because it permits the storage of passwords and usernames without risk, given that cloud-based password managers like LastPass are prone to various security issues. 

As explained by ShareRing’s CEO, Tim Bos: “Unlike web2 solutions like LastPass, where data is stored in the cloud, the ShareRing Password Manager cannot be compromised by cybercriminals." Your data is encrypted against your ShareRing Vault private key -- never stored in the cloud -- meaning you are the only person who can ever access it.”

Meanwhile, through blockchain technology, ShareRing enables financial institutions to carry out processes faster and more efficiently based on its electronic know-your-customer (eKYC) product, prompting more flexibility in data sharing. 

ShareRing integrated the eKYC process with near-field communication (NFC) technology in September last year for enhanced security and reliability. This move was also aimed at minimizing friction and the inability to extract precise information from a document. 

Since managing digital identity and footprint in Web2 is a huge challenge, ShareRing rolled out a new website with blockchain-powered digital identities meant to safeguard data ownership and privacy. The website also intended to usher in the Web3 era.

Brian Njuguna

CBW - External Analyst

KENYA