Onename plans on eventually using it as a sort of digital key to your identity, potentially replacing passwords, the keys to your house and even your passport.

Onename takes advantage of Bitcoin's distributed ledger, the blockchain, which is used to record and verify bitcoin transactions. It is what enables the digital currency to properly function and can also be used to record any kind of information in a public ledger.

"Passcards are a digital form of identity and access control designed to initially replace passwords, and in the future, replace forms of physical identification like passports and driver's licenses. You'll be able to use it to enter your apartment or your office and when asked to present identification in an in-person context. The future of identity is here," read the company's blog post.