These days people the world overhave become enamoured with the Blockchain, perhaps even more than they love its most famous offspring, theBitcoin. Many companies are researching the capabilitiesof blockchain, digging into its awesome potential and efficiency. Blockchain is a new technology which is rapidly being applied to solve real problems that people have in the digital world, including to secure their digital identity, the most basic requirement of life in the online realm.
Since the start of the internet, ID or Digital Profile Management has always been the biggest challenge and has caused the most headaches due to rampant ID theft and fraud. Interacting and transacting in the digital world is not secure as you might think. Whether you are using your credit card to make purchases, accessing personal medical records online, or reviewing and paying your taxes, there is a great risk of financial or other loss to hackers and unethical counterparties. Now that Blockchain technology has emerged and become more accessible, there is an opportunity to solve theseproblemsonce and for all using this latest technology.
You might like using PayPal’s service, essentially a virtual credit card, but the process requiresa secure internet connection and if your internet connection is not secure, PayPal has an obligation to pend your transaction. Also the first time you use your virtual credit card, you can only transact small sums.
Unfortunately, identity theft can happen to anyone and has far-reaching consequences for its victims. According to the US Department of Justice (DOJ)’s most recent study, 17.6 million people in the US experience some form of identity theft each year. This includes activities such as fraudulent credit card transactions or personal information being used to open unauthorized accounts.
The most obvious consequence that identity theft victims encounter is financial loss, which comes in two forms: direct and indirect. Direct financial loss refers to the amount of money stolen or misused by the identity theft offender. Indirect financial loss includes any outside costs associated with identity theft, such as legal fees or overdraft charges. The DOJ’s study found that victims experienced a combined average loss of $1,343. In total, identity theft victims lost a whopping $15.4 billion in 2014.
VerifyUnion will keep the online user community severalsteps ahead of the fraudsters by using Ethereum blockchain to develop an integrated platform where users can register to safely secure digital identification. Personal information is kept in the user’s personal storage only, rather than sending it to an anonymous person or company, and the user can decide to share that information without sending to any centralized authority. Selected personal details will be sent to the requesting person with the user maintaining full authority over the information being transferred.
VerifyUnion’sultimate goal is the elimination of digital identity fraud through a new, highly secure, and cost-effective system based on the Ethereum Blockchain
Social Trust System
In addition to that basic concept, VerifyUnion isdeveloping an advanced ‘social trust’ system which uses a social scoring mechanismto determine a user’s level of validation within the platform. Much of this information will be derived from Social Scoring Algorithms that run parallel to the user’s digital identity. The user can then share this information when prompted to do so or reject such a request.
Users can increase their social score by providing more information about themselves, storing it in their private storage and sharingit using encryption under individual discretion to the requesting authorities. By using this platform, users get rewarded in VerifyUnion crypto tokens (UC Coins) and keep that for future verifying services.
The pre-sale will be end on October 3, 2017 03h59 UTC and the Initial Coin Offering opens on October 3, 2017 04h00 UTC, with UC Coin unit price at 0.1948 USD. The minimum buy is 150 UC Coins or equal to 29.2 USD. With 1 ETH you will get 1540 UC Coins
VerifyUnion Token Crowdsale Detail
Token Name: UC Coin
Token Symbol: UCN
Token Base: Ethereum ERC20
Total Supply: 500 million
Crowdsale Start: October 03, 2017
Crowdsale End: December 3, 2017
UCN Price: 1 ETH = 1540 UCN
Website – Whitepaper – Announcement
Note : This is a paid press release please read here – Press Release