V-ID (VIDT) seeks to bring blockchain into the niche segment of digital file protection and validation. Its promise of value is simple: to certify and secure all digital assets. With this, it fortifies the ground for an innovative digital society, one where often growth is stifled by document fraud.
Document fraud has become an ever-present risk. On top of this, statistics from the U.K. are scarring enough. In 2018, the new account application fraud using fake documents in the finance sector flared up by 159%, amounting to £29.4 million.
A project with a clear purpose, V-ID was put in place in 2017 by WIDIDI, a major software developer in the U.K. and Netherlands. Peculiar enough was V-ID’s approach to the market itself. Even before raising funds, the V-ID software was already under development.
Currently, over 30 clients use the product. Concurrently, it is supporting over 50,000 certificate validations every month.
The Problem and V-ID Solution
It turns out that with digitization faking frauds are on a continuous rise. As seen in V-ID’s medium article a man extracted $172m from Facebook and Google with fake invoicing, and this is just one segment where document frauds are leading to compelling impacts.
In the present day, the educational, financial and legal document frauds are directly translating into financial and reputational losses.
V-ID claims its blockchain-powered product can prevent fraud in digital certificates. Precisely, the software creates a fingerprint of the document that is embedded in the blockchain. The documents can range from invoices to educational certificates. Once the document becomes a verified part of the blockchain, it can be authenticated quickly from anywhere on the globe.
Finally, this kind of set up makes it possible to share sensitive digital information in a trustless manner. From a higher level, it is a traditional notary system on the blockchain. In the digital age, tremendous amounts of digital data are generated and transferred, and the verification solution like V-ID promises should cut down data authentication costs in the document lifecycle management.
V-ID integrates a verification set up with blockchains to validate document authenticity.
The Team:
A founding team with niche expertise has played a pivotal role in the conceptualization and development of the V-ID platform.
Founder, CEO- Wico van Helden
Wico is leading the V-ID project as a visionary and is called an exception IT world for his IT, managerial and networking skills. Working as a software developer in 1989, Wico held the position of CEO for 17 years with Seagull Software.
Founder, Lead Development, Marnix van den Berg
As a bachelor’s degree holder from Hogeschool Inholland, Marnix has spent close to 10 years in software development. He has been lead of development at Wididi and was part of prestigious projects like Allianz, BMW, Leerpark, Lloyd’s Register and more.
Founder, Lead Concept Design, Pim Voets
Pim brings his vivid creativity experience to V–ID. His 20 years of design experience spans as an Art director trainee to R&D and owner of Tvndra.
Founder, Lead Programming, Ceciel van Helden
As a lead programmer at WIDIDI, Helden brings more than a decade of his programming skills to the V-ID ecosystem. His role has been phenomenal in WIDIDI associations with Airbus Space & Defence, Allianz, BMW Dealers Nederland, Lloyd’s Register and more
The founders collaborate with an extensive team of developers, customers and product representatives and advisors. The entire team is available via this link.
The Platform:
A V-ID certified document is the result of its Validation and Verification process. Two different platforms handle them. ‘The Publisher’ (Validation) and ‘Receiver’ (Verification).
Validation
There is a single challenge that stands tall in front of any documentation validation systems and that happens to be how to trust the source of the document.
To circumvent the challenge, the V-ID validation system employees two different techniques. It is the employee and self-validation. However, only employee validation is fully functional and self-validation is under development.
Employee Validation
There are three levels of document validation. That said, it begins with a V-ID uploading a user document (Level-1). Then the V-ID employee validates it with the issuing organization (Level-2). At Level 3, notary supervision oversees the process.
Self-validation
This method is still under development and is expected to go public by Q4 of 2019. Once functional it will make the employee of the issuing organization a Validator, who can then validate files on the V-ID system at any time. Before that, the Validator’s identity is established in the presence of the V-ID agent and the V-ID notary.
Verification
V-ID verification protocol utilizes 5 different blockchains that retain the document fingerprints and someone seeking validation can always come back and cross-verify the document authenticity with the fingerprint stored on the blockchain. The blockchains it supports are Bitcoin, Ethereum, DigiByte, Binance Chain, IBM’s HyperLedger and LTO Network
On top of this, it’s possible to integrate the V-ID’s blockchain-based validation system with CRMs and similar off-chain solutions. This not only makes its blockchain usable but reduces its implementation barrier signification.
Additionally, it deploys an API to hook into CRMs for the internal processes like KYC.
Clients & Partnerships
The project seems to have impressed quite a handful of enterprises across multiple business verticals and currently, it is being used for B2B documentation validation activities. The business verticals it is serving right now are marine, fiber, education, medical and defense industries.
Some of the clients where V-ID is fully functional are Airbus, AmSpec, Krohne, Axveco, and JWC Superyachts. V-ID has quite some impressive partnerships too, like CMS Law, LTO Network, Digibyte, Axveco, Morpheus Labs, MoonRock Capital, and just recently they started a collaboration with IBM Circ Economy Data Network.
V-ID Token (VIDT)
The entire document verification lifecycle on V-ID begins with a V-ID Token (VIDT). Effectively, any organization that desires to validate the documents needs to have a wallet with V-ID token balance. VIDT was originally an ERC-20 token. This facilitated the $0.20 token sale.
Every time the system executes a validation, a VIDT transaction occurs. And that is how the fingerprint is recorded on the blockchain. Each fingerprint holds the data like file type, timestamp, validation location, and identity of the validator. It is the publishing organization that will buy and burn the VIDT tokens creating an inherent utility to use them. The beautiful thing about the ecosystem is the fact that is is all done behind the scenes and the consumer-facing user experience is seamless.
The total supply of VIDT will be 62,787,519 but it will only be circulating 38,044,522 and that is because the 25mn VIDT will be set aside for the validation pool.
Where to trade VIDT?
If one wishes to trade the VIDT currently, the exchanges include:
Furthermore, the team stated a Top exchange is coming end of Q3. Stay Tuned…
Learn More and stay up to date!
Validate your digital files and future proof your business! Schedule a 20 Minute Video call to discover what V-ID can do for you.
Learn more about the VIDT token and the growth of the project through the following link and following Altcoin Buzz!:
Corporate website: https://about.v-id.org
Welcome page US: https://about.v-id.org/welcome
VIDT Platform: https://www.v-id.org
Welcome page RU: https://about.v-id.org/welcome_ru
YouTube: https://www.youtube.com/channel/UCh6xfbjMUeYFUO-2O_wRSBA/videos
Welcome page CH: https://about.v-id.org/welcome_ch
Medium: https://medium.com/@pim_vee
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