ShareRing Company Updates Starring CEO Tim Bos Transcript
Tim Bos discusses general company updates, showcases the new ShareRing ID & ShareRing Pay plugins, and more!
General Update
Hello, I’m Tim Bos, and thank you for joining me in our weekly updates for ShareRing.
We’ve heard a lot of feedback from the community around wanting some more, I guess, meat in these weekly updates or a little bit more feedback in terms of doing more of an AMA answering some of the community’s questions and things like that.
We have listened and we will be making some changes in the next few weeks to address that and make sure that we Number 1, add more meat, and number 2 respond to some of the community questions a little bit more.
I do feel like it is important to have these weekly updates. They do give us a forum to provide a ton of demos, announcements, general updates, answer people’s questions, and things like that. We will keep doing them and I guess the important thing is that you don’t really sort of need to look at it as just an every week update.
For example, marketing only gives an update once a month. Sales is once a month. Tech is once a month. So if you don’t really want to listen to the sales updates just don’t listen to that and then just stick with either my updates once a month or the tech updates once a month, if that’s what interests you.
Sales and Partnership Update
Speaking of which, what I want to do is start giving you an update on a few things happening at ShareRing. I’ll start with sales, Jonathan did give a great update last week. Just to recap, the ShareRing Shop Thailand we’re looking at a December launch of that now.
Our partners basically pushed it to December for a number of reasons. One is we wanted to make sure that we had a lot of the marketing things in place and did that right. The other thing is I wanted to sort of test the operations process and the pickups and the deliveries and things like that a little bit more.
Through some of the testing we did, they did find a few gaps in the process of doing a milk run to the pickups and then also the deliveries, so that’s being addressed and fixed. But also the main reason is that we’re in peak shopping season over the next few weeks.
The last thing that we wanted to do is actually launch right in the middle of the peak shopping season. The reason why is if you launch a product in a peak season and it has issues, then it’s very, very difficult to recover from those issues.
It’s better to launch in a quiet season because then you can iron out any problems or things like that. We believe that through our advisors and marketing partners that December is a good time to actually launch the products.
ShareRing Shop Australia is basically also going to be relaunching very, very soon in the next week. Part of the reason why is we’ve partnered with another company to launch the ShareRing shop Australia. It will be launched under a different brand name powered by ShareRing. This has always been our plan to do this.
As you know, we are a platform company and we look to partner with other companies to basically launch the end-user products and then integrate those into the app that we are launching as well.
The company that we’re partnered with is looking at launching over 30,000 products. They’ll start with a similar hub formation to what we had here but with a larger number of shops, larger operations, and all of that. You’ll see that launching very, very soon.
The Open World Passport, which is basically our at COVID 19 tracing and tracking product or passport. We are working with a number of governments and then other partners across the whole supply chain of travel to work towards a proof of concept in that area there.
The supply chain includes things like airlines, it includes some suppliers to the government and to the airports, it includes airports and things like that.
I have almost daily calls to talk through that process and to talk to some of the collaboration partners in how we’re approaching that and then also working through the design of what the user flow and integration and all that would be.
That seems to be taking up a lot of our time and a lot of the team’s time in terms of that because we do understand how important it is to get this right and how important it is to launch this as soon as possible.
We also have started our outreach to a number of test centers around the world, and these are test centers for the COVID 19 tests, basically verifying and then bring them onto that platform as quickly as possible.
With ShareRing ID, we’re starting some outreach for people to use ShareRing ID a little bit more once we launch it. So you’ll see some big things happening there soon.
Then also we started some outreach to a number of individual hotels so that we can basically offer them some of the more advanced services that we’re offering, such as the express check-in and some of the other ShareRing ID services. We also have another major hotel partner that will be announced soon.
Technology Update
What’s new in technology? Actually, a huge amount. We have once again expanded our development team. I think ShareRing as a whole is now thirty-four or thirty-five staff members, and that’s still growing.
We are still looking for more staff at the moment the top priority for us is looking for a new business analyst in the payments area. Then also a cloud infrastructure manager to work with us on managing some of the growing cloud infrastructures as well.
We have just gone through a complete app refresh which is complete. There are new screens, new improved user experience, and flow.
We’ve also gone through or are going through a very, very large overhaul of ShareRing ID. Part of the reason why we’re going through this overhaul is in working with our collaboration partners, integration partners, and customers.
What we’ve found is that what we were doing previously is ShareRing was using our APIs and APIs with other parties, to validate documentation. Then we would create a digital hash of that, then we would assign the digital hash to the whole ShareRing ID folio documents.
What we found is there’s a number of use cases where it’s probably preferable for us not to verify ID. So you might have an external verification company or something like that which creates the digital hash and verifies the ID, creates a digital hash and installs that hash in the verifies blockchain, and then sends the document to the user and encrypts it with the users public key.
One of the things that we decided around that is, instead of verifying or doing digital hash on the whole of the ShareRing ID folio, we’re now doing a digital hash on every individual document, and we’re also allowing other providers to verify documents as well.
It creates a far more scalable solution. It also allows any third party to basically come on and verify documents, and the recipient or the consumer of those documents can actually choose and say, I trust this verifier or I don’t trust that verifier.
It makes for a much, much more flexible solution and a much more secure solution. Then also the proof of verification is a lot higher as well. Then it removes a lot of the reliance on our services to verify everything.
Plugins for ShareRing ID and ShareRing Pay
We’ve also been developing some plugins for websites to accept ShareRing ID and ShareRing Pay. Instead of explaining those why don’t I start by doing a quick demo for you, this is something I’ve been looking forward to showing for quite some time.
All right, so here we go. I’ve got the app open and I’ll share my screen which is basically just our demo screen on here. What I’ll do is in the app I’m just going to open a QR code reader.
Then I’ll scan the QR code on the screen which says I’ve successfully logged in. Then on the website itself, you’ll see It’s jumped on to successfully logged in.
One of the things that you can see on the screen is that it’s basically transferred from my ShareRing ID. It’s transferred my full name, It’s transferred an email address, It’s transferred my public key, it’s transferred my balance, and then also a hash for one of our verification partners on Onfido, and our phone number. Then if I had an address filled into my ID it would transfer that there as well.
What this is basically done is with about five lines of code, it’s allowed that website to allow me to completely create an account or log in to that website with a single click.
Why is that cool? Well, it’s cool because I didn’t use a password. My ID was securely sent to that website to create an account, and that website owner through a few lines of our code could actually choose what information they wanted to receive.
I’ll explain a bit more about the benefits of that in a second. But first, I want to jump over and show you another one, which is basically our ShareRing Pay demo.
Let’s jump over to that. All right, so once again I’m on an e-commerce website, and basically, you can see a QR code in the top corner. So I’m gonna jump into my QR code. It says instant check out with ShareRing Pay, so scan that.
Then bam, it’s gone onto my screen and it’s showing me the products that are in my shopping cart, billing address, the payment method that I can pay with, choose a payment method, and then I can go through and pay for my products there through my phone. Nice and easy.
What I’ve just shown you is the ability to integrate both ShareRing ID and ShareRing Pay onto any type of website or e-commerce site with a few very small lines of code. Let’s just sort of absorb that for a second. Number one, we can integrate ShareRing ID and ShareRing Pay with a few lines of code.
The vendor can choose through those lines of code what information they want to receive, so maybe they just want the first name and email address. Maybe they want the full address. Maybe they want some identity.
If it’s a verified ID the vendor will actually pay a transaction fee to receive that information, as opposed to receiving that info and then going off and paying a third-party service for it. They basically pay it as part of the transaction fee of receiving that information from the vendor.
What does this mean for ShareRing ID? It means that there are no more passwords, ever. You simply use your phone and scan the screen to log in. If it’s a mobile app, it’s the same process. It just opens the app on the screen. If it’s a mobile website, it’s the same process. It will open the app and let you login through that.
It also means no risk of hacking. The only way you can hack this is if someone stole my phone, cut my finger off to get my fingerprint if I had secured biometrics, they can also sign up for any service with one click, so you scan QR code, approve it, that’s it.
They can choose what information to send to that website with one click and they have a central place to store all that information. In terms of ShareRing Pay, that means that there’s no centrally stored credit card information.
So my card information is not stored on an e-commerce site that I know nothing about, or do not trust, or anything like that. I hold it on my phone, my credit card information. Same way if you’re paying and we say any cryptocurrency, I’m not risking any of my crypto by going through this process.
I can also store things like receipts on my phone. You saw that I had the product list on my phone. Unlike a lot of websites where you can pay by scanning a QR code, those websites you just see a number on your phone and you confirm that number and it sends that amount over to them, the dollar amount.
With us, we’re actually putting the full shopping cart or whatever you’re purchasing on your screen so you can confirm it before you go ahead, and you can confirm the payment type and how you’re paying from your phone and click to very pay very quickly.
Payments are a one-click payment. As you saw, instead of clicking through to a shopping cart, I scan straight on that website to pay. Super-fast, and super easy.
You can also store the receipts on your phone. You can send identity information to the vendors for delivery, warranties, signing up for marketing, or something like that. You can decide whether to do that or not. Then also you confirm your purchase on your phone, as I said.
We are really excited about this functionality. I mean, this is just one small part and a small example of what you can do is ShareRing ID and ShareRing Pay. This isn’t just for websites as well. A vendor might have a shop where you can scan a QR code to send your information to them.
We’re doing one where you might have QR codes for restaurants and things like that to send information to them in advance. Maybe contact tracing or something like that. You could also use the QR code for payments in stores, a point of sale payment. So scan the QR code, confirm what you’re purchasing and then pay. There are so many things that you can do with this cool technology.
Roadmap between now and Christmas
Moving on, we also have a huge schedule of things happening between now and Christmas. Please stay tuned to our Twitter and our other socials so you don’t miss out. These announcements include things like collaboration announcements, project updates and releases, new sales updates, new exchanges, and so on.
So really looking forward to announcing some of these and working with our community to help ShareRing grow and help ShareRing be more and more successful. Thanks for your support so far, I’m going to wrap this up now. Thanks very much, bye-bye.
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