Strong and reliable digital identity is essential for global digital blockchain economies to thrive. To meet fast-growing identification demand, Verif-y is establishing a blockchain-based, digital identity solution layer to its existing credential and employment verification platform. The platform is already commercially available, but with the application of blockchain it aims to improve the protection of Personally Identifiable Information (“PII”) which in today’s world is key to our identity.
Digital Identity on the Blockchain
Verif-y gives users the power to own, manage and communicate their digital identities and verified credentials. It provides a trusted interface to those requesting PII data whilst handing control back to the user.
The Verif-y platform employs progressive Defense-in-Depth methodology to support and secure end-to-end validation of education, employment, license, certification and membership credentials and the resulting digital identity.
The strength of the digital identity generated by Verif-y’s process is powerful, given that the identity is generated in an organic manner – comprised of unique identifying data, stored on the blockchain and resulting in a new paradigm for securely storing and accessing PII. This new digital identity can then be utilized for identification purposes outside of the employment and educational markets, such as online login authentication, formal identifications (IDs), physical access and many more applications.
Tokenizing Identity Verification
The platform leverages the Ethereum blockchain to exchange credentials and identification between individuals and organizations. Verif-y’s app-token (VFY) facilitates in-service purchases on the platform (utilizing smart contracts), allowing organizations to manage their employees/students/members, and users to have their personal credentials verified and disseminated via the app.
Verif-y’s app and supporting platform have been live since April 2017 and available for download on iOS and Android devices. The number of organizations currently verifying PII on Verif-y’s platform is growing and they have the opportunity to monetize participation in the ecosystem by uploading verified users onto the platform. Verif-y brings value and efficiencies to all parties who participate in the ecosystem: educators, employers, credential providers, licensors, member organizations, certificate providers and lastly, but not least, the users.
“Blockchain allows for the tokenization of transactions, and the Verif-y app and platform leverage this functionality through the VFY token to secure and confirm the accuracy of identity and records. Cyber hacking of people’s Personal Identifying Information is at an all-time high and Verif-y confronts this issue with a holistic, decentralized architecture” said Ed Zabar, Founder and CEO of Verif-y, Inc.
As identity is one of the pillars of a successful and ubiquitous blockchain implementation in many industries, Verif-y’s highly robust and differentiated identity solution can become an essential part of this global, fundamental transformation.
The VFY token presale is now open. To take part or for more information on Verif-y please visit the website https://www.verif-y.io/