A new platform named Verif-y provides a great credential for identity verification functions. The Identity verification will be suitable for education, work place, certificate, and license document. Inside the Verif-y platform, will allow its customers to store and managing their verified identity.
The social background of the project as we all know is that we were live in an open social networked. But most of the individual data of our personal and professional information was sold into the third party companies without any knowledge from the owner data.
With the market opportunity, in the digitalized era peoples need to be simpler, effective method about credential verification. In all companies, government, agencies, education institutions, and organization were having their regulatory and tax report. And all the requirement will need to verify the employees PII.
The problem is, the credential verification we ever knows were still using the old methods such as phone calls, email, faxes, or even by physical delivery documents. All of the methods will create the possibility mistakes increase, or even false verification as the effect, while the verification industry was not leveraged or keep the innovation going.
In several decades, the credential and employment verification industries were trying to handling it. But since it was centralized, it commonly as the institutional clients rather than an individual user.
In the other hand, there is also a problem need to be solved about how to avoid the identity fraud. By using Verif-y, able to eliminate fraud and false credentials since it will be identified, and will be not allowed. The result is, the platform will capable to reduce and might completely eliminate times needed for costly credential verification and background checks.
By using Verif-y platform, any individuals, employers, educators, certificate providers are able to create their digital profile, linked with their verified professional and educational history. The important thing about the platform is, that Verif-y was a user-centric platform, so user will be owns and controls data by their selves. User data itself, would only able to access by a third party only if the user allowing them to seen it.
With the blockchain technology, Verif-y platform use the advantages to create powerful identity verification functions. Since the platform was a blockchain based, Verif-y aims to reduce the cost, effective in the process, secure, and immutable.
To access the platform, user will just need to access the platform by the main website and the mobile application. After user get their invitation into the platform and complete the registration process, the platform will runs a series of algorithms as the identity validation layers to authentication the users PII. The platform will encrypted the user device with the private key.
With the Verif-y blockchain based services, the users credential on the blockchain will be calculated by the hash of the PII credential, then recorded the attestation on the blockchain. For the transaction process here, will be provided by the user Verif-y application. When the user add their record into their profile, then it will be able to make the payment with the application token which is required and linked to the services.
Verify-y Token Crowdsale Detail
Token Name: Verify-y token
Token Symbol: VFY
Token Base: Ethereum ERC20
Token Sale Start: October 25, 2017
Token Sale End: November 30,2017
Price: 1 VFY = 0.0003 ETH
Website – Whitepaper – Announcement
(User UID: ICO Magazine)