Civic and Rentality Team Up to Verify Driver’s Licenses on Base
Date: 2024-09-19 Author: Gabriel Deangelo Categories: BLOCKCHAIN
This reduces friction, increases trust between parties, and eliminates the logistical complexities of physical verification.
Civic, a startup focused on privacy and identity management, announced on Wednesday that it has partnered with Web3 car rental platform Rentality to verify driver’s licenses and enforce age restrictions on the Base network.
According to a press release shared with Cryptonews, the collaboration aims to streamline the car rental process using blockchain technology.
The verification process uses Civic’s blockchain-powered ID Verification Pass, which improves security and compliance in car rental and peer-to-peer markets.
Rentality users can now virtually verify their driver’s licenses and rent cars without having to provide physical documents as part of this new initiative.
Civic’s Blockchain-Powered Car Rental Verification Process
With this partnership, Rentality users will have access to a Civic ID Verification Pass, which is a non-transferable token stored in the user’s wallet.
The pass is integrated into the Rentality platform’s onboarding process, and users can easily obtain it by taking a video selfie and scanning their driver’s license.
This approach reduces the logistical complexity of physical verification, increases trust between parties, and allows users to complete the process remotely, using a smartphone or laptop.
Rentality also supports payments in several cryptocurrencies, making the car rental process more accessible to crypto users.
The platform is currently operating in Miami, USA, with plans to expand to other regions.
“Blockchain integration with car rental is not just a vision of the future, it is a reality today in Miami and then in other states,” said Rentality CEO Alexander Tatura. “Now you can rent a car directly from your smartphone or laptop using a crypto wallet.”
Civic Token Market and Market Trends
Meanwhile, the price of Civic (CVC) has fallen 3.9% in the last 24 hours (as of midday UTC on Wednesday, before the partnership announcement), amid a broader market decline.
The token is up 14.5% for the month and 44.4% for the year, with its current price at $0.105.
CVC hit an all-time high of $1.35 in January 2018, having fallen 92.2% since then. Since its low of $0.01103 in March 2020, it has risen 853.3%.
Rentality Expands to Incorporate Cryptocurrency
The announcement noted that the cryptocurrency industry has been facing growing demand for real user benefits for some time now.
Additionally, the US economy has seen a growing trend towards renting rather than owning.
Given these factors, the partnership between Civic and Rentality “is an example of how identity tokenization can create secure, compliant, and convenient verification solutions that meet the needs of everyday users and digital businesses.”
The teams also explained that traditional car rental processes require the involvement of multiple intermediaries, such as payment processors and insurance companies.
More intermediaries mean higher car rental prices, as each one wants a cut.
However, according to Rentality, blockchain helps streamline these processes. They have provided a decentralized marketplace where renters and car owners can interact directly.
Rentality requires users to connect their wallets, register, select a car and location, and confirm prices.
They then receive a Civic ID Verification Pass to verify their driver’s license.
The company also said it has integrated “a unique rewards system, a native token, and NFTs tied to real-world vehicles.”
These vehicles will be available for rent on the platform. The goal is to allow owners of non-fungible tokens (NFTs) to earn rental income.
Founded in 2015, Civic allows users to privately manage their identities across different blockchains by providing them with a representation of their identity on the blockchain, the team said.
The company's flagship product is Civic Pass. The team describes it as an integrated tool for businesses that allows them to securely access their assets on the blockchain.
Users can manage their identity, presence, and reputation through a dashboard, they added.
