Identity verification is a serious issue in mainstream finance and online life. However, the blockchain space is in serious need of a platform that verifies the credentials and identity of each service provider. The nature of blockchain-based services demands trustlessness. Yet, users need assurances that the people they contact on various platforms are duly verified.
The world has grown increasingly tired of centralized platforms and the privacy concerns associated with them. For example, some time ago, Twitter users raised concerns over the misuse of their data and privacy. However, the social media giant vehemently denied such allegations. But, the need for a decentralized platform that safeguards and verifies data has become necessary.
Also, blockchain-based services are widespread. Furthermore, blockchain use cases apply to the healthcare space. This makes it possible for individuals worldwide to access healthcare services remotely. Despite this great progress, there is also a need to keep practitioners accountable and build trust.
Doctors need a platform to verify their credentials and ascertain the required qualifications to provide such services. Also, if a verified practitioner goes against ethics, there is a need for a platform to revoke his digital license. Recently, we have written an article that revealed cost of data breaches in medical industry – an average of $6.5 million or $429 per patient. Dock.io is the platform that can solve this issue by making digital certification a reality. Click here to find out more how they do it.
Dock.io an Answer to Digital Identity Concerns?
Dock.io is a blockchain-powered project that works to ensure users have full control of their digital identity. This means allowing them to share both their credentials and career accomplishments online. Furthermore, Dock.io employs blockchain technology to establish a visible and safe way to communicate personal data and credentials. The platform is simple to use. As a result, each individual can submit their personal information to the system and decide who can see it.
Developers and organizations can use Dock to build, maintain, and publish digital credentials that have been verified using the blockchain. Dock, a Swiss company, founded in 2017, aims to address issues like:
- Data storage
- Incorrect or erroneous information
- Platform incompatibility
- Data verification inefficiencies
- Lack of control
- Confidentiality
Users can choose to upload any information on the platform. Any document that certifies a user’s professional qualification and citizenship is a good start. Also, Dock.io encrypts all conversations on the platform. This ensures trust and data control for the user.
How Does it Work?
As mentioned earlier, Dock’s platform is easy to use, even for a newbie. The process of creating a digital identity isn’t cumbersome. Users can share their data preference to the platform and control who has exposure to it. Furthermore, each owner has the power to decrypt any encrypted data or allow another user to access the information. In addition, users can communicate with the platform’s companies or applications. Dock will record these relationships using an Ethereum smart contract. Dock.io enjoys all the features of the Ethereum platform.
Verifiable Credentials and NFTs
Since Dock.io works for Decentralized Identifiers (DIDs) and Verifiable Credentials, its use cases spill into various sectors. One sector which could use Dock’s services is the NFT space. Using Dock’s technology will reduce fraud and other forms of malpractice, including privacy protection for NFT owners.
Dock.io shared its use case with Fog Vintage, a foremost vintage watch dealer. This partnership merges verified credentials with the world of non-fungible tokens. Most NFTs are on Ethereum, which Dock has full integration with. As a result, users can create NFTs directly on Dock.
Although they differ, verifiable credentials combine perfectly with NFTs providing several extremely intriguing use cases. Verifiable Credentials can show well-secured information about the identity of an NFT buyer, owner, or creator. Dock achieves this by providing an encrypted yet verifiable identity tied to an NFT.
Dock’s Benefits to Fog City Vintage
Fog City Vintage employs NFTs to solve key challenges in the multi-billion dollar vintage watch business. Vintage timepieces are essentially one-of-a-kind, highly marketable, and extremely costly. However, the market wards off several attacks from fraudulent dealers, and there are no standards for protection.
The majority of deals in the vintage space take place on shaky connections. However, the lack of security makes it possible for sellers to lose huge amounts of money to fake buyers. Tim Bender, CEO of Fog City Vintage, believes that the losses in the vintage watch business run into billions per year.
Fog City Vintage intends to use NFTs to prove the originality of a work. This would ensure that each trade goes smoothly and securely. Buyers would get the guarantee that each watch purchased is original and certified. Dock’s technology will improve Fog City’s market by increasing trust. Each trade will consider the buyer’s history. This method will eliminate impostors. In addition, the wristwatch dealer will possibly be verified as competent to carry out its functions.
AMA with Dock
Dock’s solutions how you can easily verify identity in both online and offline transactions are getting a lot of attention. That’s why our team has decided to hold AMA with its founder and CEO Nick Lambert. It appeared on our Telegram channel on 1st of February. You can find an article recapping the AMA here.
Dock Price Activity
$DOCK currently trades at $0.042973 with a 24-hour trading volume of $5,209,999. Furthermore, it has a total supply of 1 billion tokens. DOCK self reports a circulating supply of 743 million tokens.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Dock.io. Copyright Altcoin Buzz Pte Ltd.
