September 24th, 2018 at 5:09 pm UTC · 3 min read
Digital file validation system V-ID offers verification of originality of any file within 5 seconds to counter fraud and manipulation. With increasing dependency of documentation and files that are digitized, it is becoming easy to change the contents and fake ownership or contents within. This has caused an alarming situation where sensitive documents (personal, business or even governmental ones) are used for personal or nefarious purposes.
According to Rudy Bouwman, Chief Marketing Officer at DigiByte and Co-Founder of the DigiByte Awareness Team:
“Enhancing Cyber Security and making the Internet a safer place is a long-term mission of the DigiByte blockchain. We are excited to see the DigiByte foundational protocol being used by companies like V-ID who require fast, safe, and highly decentralized transactions. The ability to authenticate digital files without a third party will not only reduce fraud, but open the door to new opportunities and innovation.”
Using the immutable nature of blockchain to its advantage, V-ID is a decentralized platform that creates an ecosystem where documents can be uploaded by its true owner and all aspects of the file are locked.
Once done, the documents can be freely sent anywhere, copied, distributed and even renamed without ever worrying about alteration. A recipient can use the V-ID system to verify the originality of the document in less than 5 seconds.
The V-ID ecosystem offers the perfect solution to document fraud. The platform does not hold the files in its record (Thus allows ownership to reside with the right person) and complies with the recently developed GDPR guidelines.
The V-ID verification answers some of the most crucial issues seen in recent times. Criminal activity thrives on document manipulation (forging deals, bank records, medical data and even crime reports); employers and organizations cannot fact check every educational and experience document submitted by employees; government and sensitive documents in the diplomatic circle are paramount to national interest and susceptible to tamering etc etc.
Unlike many other blockchain platforms that are proof of concept or are in development, V-ID is being actually used by big names such as Airbus Defence & Space, WildRadar Fauna, Vitrumnet (fiber networking) and even Maritime Cyber Alliance.
DigiByte is a public blockchain that has had over 4 years of development. The ecosystem offers one the most secure systems with the fastest block time (15 seconds per block). With the public blockchain being most suitable for small, multiple transactions a seconds, the V-ID opted to use the DigiByte blockchain to run its verification system, passing over the market de facto ones like Ethereum.
Marnix van den Berq, Lead Development V-ID said:
“The DigiByte blockchain will empower the V-ID corporate services with great transaction speed at low costs. Combined with the immense spread of the DigiByte network, it is a superior store of publicly accessible and timestamped V-ID data”
The V-ID platform is powered by its native VIDT token. The token sale is live at the moment, with 100,000,000 VIDT available to backers at USD 0.2 per VIDT token. The event carries a soft cap of USD 1,000,000 and a hard cap of USD 8,000,000. The event also carries a bonus scheme for investors that will reduce sequentially as the event time passes on (currently at 33%).
Disclaimer: V-ID is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.