Unless I’m significantly misunderstanding this technology, this is a ring with NFC built in… i.e. the data is on the ring, not online.
The token in the ring has an identifier, and then that is used to prove who you are to individual networks - who would then have information on their own networks… and likely already do (bank, transit pass, loyalty card, work door pass…).
Either way, if you’re not happy about having your name, national insurance number or other personal ID online - as in on a network that’s attached to other networks - I am afraid that horse has already bolted. Unless, of course, you live a cash-only existence, pay no tax and don’t access any form of healthcare.