Civic, a startup specializing in identity protection and management, announced its partnership with Web3 car rental platform Rentality on Wednesday to verify drivers’ licenses and enforce age minimums on the Base network.
Big news!
We're happy to announce our official partnership with @civickey ! Together, we are setting new standards for security and privacy in the Web3 car rental industry. With Civic's advanced identity verification technology, Rentality offers the crypto community a… pic.twitter.com/prgdkYTwTa— Rentality (@Rentality_Info) September 18, 2024
This collaboration seeks to streamline the car rental process using blockchain technology, according to a press release shared with Cryptonews.
The verification process uses Civic’s blockchain-based ID Verification Pass, which enhances security and compliance in car rentals and peer-to-peer marketplaces.
Rentality users can now verify their driver’s licenses virtually and rent cars without the need for physical documentation, as part of this new initiative.
Civic’s Blockchain-Powered Car Rental Verification Process
With this partnership, Rentality users have access to the Civic ID Verification Pass, a non-transferable token stored in the user’s wallet.
The pass is integrated into the Rentality sign-up process, and users can easily obtain it by taking a selfie video and scanning their driver’s license.
This approach reduces the logistical burdens of physical verification, enhances trust between parties, and allows users to complete the process remotely from their smartphone or laptop.
Rentality also supports payments in several cryptocurrencies, making the car rental process more accessible to crypto users.
The platform currently operates in Miami, USA, with plans to expand into other regions soon.
“The integration of blockchain with car rentals is not just a vision of the future, it’s a reality today in Miami and later in the rest of the States,” said Rentality CEO Oleksandr Tatura. “Now you can rent a car directly from your smartphone or laptop using your crypto wallet.”
Civic Token Performance and Market Trends
Meanwhile, the price of Civic (CVC) fell 3.9% over the past 24 hours (on Wednesday noon UTC, prior to the partnership announcement), amidst the generally red market.
It’s up 14.5% in a month and 44.4% in a year, now standing at $0.105.
CVC reached its all-time high of $1.35 in January 2018, decreasing by 92.2% since. It appreciated 853.3% since hitting its lowest point of $0.01103 in March 2020.
You might also like Civic Rallied on Major Partnership News
Rentality Expands Car Rental Services with Crypto Integration
The announcement noted that the crypto industry has been facing a growing demand for real-world user benefits for a while now.
Additionally, the US economy displays an increasing preference for renting over owning.
With these two factors in mind, the Civic and Rentality partnership “exemplifies how tokenized identity can create secure, compliant, and user-friendly verification solutions that meet the needs of everyday users and digital-first businesses.”
What's a tokenized identity?
It's a token that represents your verified identity, yet contains no personal information.
It's easy and private — without all the computational overhead that zk proofs require.
Learn more in @CoinMarketCap in this article by @titus_k.…— Civic (@civickey) September 11, 2024
The teams went on to explain that the traditional car rental processes require multiple intermediaries, most commonly payment processors and insurance companies.
More middlemen mean higher prices for car rentals. They each want a piece of the pie.
However, Rentality says it uses blockchain to streamline all these processes. They’ve provided a decentralized marketplace for car renters and owners to transact directly.
Rentality requires users to connect their wallets, register for an account, choose a car and the location, and confirm prices.
After this, they obtain a Civic ID Verification Pass to verify their driver’s license.
The company also claims it integrates “a unique bonus system, our own token, and NFTs tied to real-world vehicles.”
These vehicles will be available for rent on the platform. The goal is to allow non-fungible token (NFT) owners to earn income from rentals.
Build a real community.
Check out Civic Pass: https://t.co/iAYdAXmWEB pic.twitter.com/WZXk28xodz— Civic (@civickey) September 17, 2024
Meanwhile, founded in 2015, Civic enables users to privately manage their identities across chains with an on-chain representation of their reusable identity, the team said.
The company’s flagship product is Civic Pass. The team describes it as an integrated permissioning tool for business customers to enable secure access to their on-chain assets.
Users can manage their identity, presence, and reputation with a dashboard, they added.
The post Civic and Rentality Join Hands to Verify Drivers’ Licenses on Base appeared first on Cryptonews.
