Friday, September 22, 2017

VERIF-Y - Digital Identity Verification for Enterprise

Verif-y currently provides secure and encrypted technological innovations much needed by the credential and employment verification industries (amongst others). Verif-y’s solution is cheaper, faster, and more accurate than similar services offered by background check companies, credit reporting agencies and other digital identity providers. There are currently no credential wallet technologies similar to Verif-y’s which act as a verified repository for all employment, educational, licenses and other memberships which can be easily and securely stored and shared by the user.

Verif-y’s platform provides a secure, dependable, and real-time method of communicating trust by an individual to a target employer, financial institution, real estate broker or other consumer of such information. Fraud and false credentials are identified and not allowed onto the platform which reduces or completely eliminates the need for time consuming and costly credential verification and background checks.

Verif-y creates efficiencies for all parties in the value chain: educators, employers, individuals and others. Verif-y connects users - students, job-seekers, employees, with entities (employers, educators, license boards, certificate providers, etc.) in unique ways not previously possible, which result in improved processing times, cost savings and reduced uncertainty.

Employers, banks, educators, and even governments can now enjoy faster decision-making processes, increased trust, all while deploying fewer resources. This saves time and money at the decision point, and allows these organizations to be more efficient and where applicable, grow faster each time a decision is made. 

The robust digital identification generated by Verif-y’s processes reduces costs for employers, educators, and certification providers by removing the middleman and putting users in direct communication with these credential verification seekers. Additionally, the digital identity generated by Verif-y can be utilized to govern physical access to buildings, digital access to networks, websites, and in many other applications.

The benefits to the end user (and as such for employers electing to pay for their employees’ accounts) are numerous. Some examples include: simplification of securing an apartment lease improving and shortening the process of getting a bank loan, with less paperwork and ensuring accuracy of the individual’s information such as hire dates, titles, locations etc. In addition, the platform allows individuals to stand apart from other higher education or job candidates who do not use Verif-y. The platform provides all these benefits and many others while maintaining a decentralized, secure and trusted storage for these credentials and other PII.

example of Verif-y Application

Blockchain Technology  
Blockchains have their origins in cryptocurrency platforms, in particular Bitcoin, where they represent historical records of verifiable monetary ownership. Cryptographic proof replaces the need for a trusted third party to authenticate transfers and mediate transaction disputes. Bitcoin was designed to solve the double spending problem, that is, to establish consensus in a decentralized network over who owns what and what has already been spent. Bitcoin was the first decentralized (Figure 1) cryptocurrency in the world, and today, makes up nearly half (~$60 billion) of the ~$150 billion cryptocurrency market. Bitcoin provided a protocol that for the first time illustrated it was possible for two parties who do not trust one another, to perform transactions without the use of a central authority as intermediary. The key is that both parties participating in the transaction need only trust the underlying architecture (the blockchain or distributed ledger) which guarantees the security of the system. In the current banking system, “a certain percentage of fraud is accepted as unavoidable”, which increased the need for trust in the system and thus the emergence and popularity of the various blockchain solutions. 

With no central point of failure and secured using robust cryptography, applications in a decentralized network are protected against cybersecurity attacks, fraudulent activities, and equipment and power failures. Blockchain offers a new grade of security and resiliency, which Verif-y’s platform leverages for the purpose of bringing more security and resiliency to personal, digital identities. 

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Author : mriansa;u=886049

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