V-ID: Using Blockchain to end document fraud
In our sponsored “Coming Soon” feature series, CryptoMurmur examines emerging projects in the blockchain realm; companies in the early stages of development that present an interesting or innovative solution, harnessing the unique advantages of distributed ledger technology. Today, we take a closer look at the upcoming ICO: V-ID.
During the explosive days of the booming ICO market that was enjoyed by many back in January of this year, few were considering that the current flood of ICOs saturating the market would be a problem, at least not in the short term. ICO’s were being bandied about with virtually no tech development, cast out to the masses on a wing and a prayer, hoping to enjoy a piece, even just a small percentage, of the ICO gold rush.
Flash forward to the present moment and it’s clear, if an ICO does not have solid technology, development, partners, and a strong team behind it, it’s going to be much tougher to find eager investors. Projects need to be probably better than the rest of the clamoring mob to stand out from the crowd, with a true value and strong possibility of success.
It’s the ICOs with the most clear use-cases and solid backgrounds that offer the best chance for success — projects that offer genuine utility with blockchain technology, not simply tacking on the tech for the sake of having the words “blockchain” or “distributed ledger” as buzzwords to capture attention.
V-ID, an Ethereum-based hybrid token to be used as a digital fingerprint that proves the validity of digital documents, is such a project. It has true utility, with a platform that is already being used by respected clients in the industry, and has a very clear and simple use-case. Due to the nature of digital files, tampering is relatively easy to do. As files are passed around on the internet, through emails and messaging apps, malicious actors can take advantage of their easy-to-copy nature.
V-ID solves this by confirming the veracity of the initial file via a KYC process that checks and identifies the original file, assigning it a digital fingerprint on the Ethereum blockchain. This fingerprint then follows this file and can, at any time, confirm or deny the veracity of copies with a simple check that takes seconds to complete.
This elegant and practical application of blockchain technology has a wealth of use-cases, from verification of diplomas and certificates, to authentication of digital media files and accounting records. Using the V-ID system, something as simple as a Photoshopped image could be checked against the original verified fingerprint of a photo and could be filtered out as a false duplicate in moments. Certificates could be checked to ensure the credentials of a job applicant, for example, without the need for a slow, complicated, and expensive verification process.
Another advantage that V-ID enjoys over its many ICO competitors is that their platform is already being used widely, with an existing customer base of about 100K users; clients in education, medical, research, and technology. The best known of these clients is Airbus, a major corporation in the aerospace industry. Along with Airbus, customers include entities such as JWC Superyachts, Vitrumnet, and the educational institution, HBO Drechtsteden. These are large-scale clients with serious interest and a genuine need for the digital file verification tools that V-ID provides.
V-ID is supported by a team with a broad range of success and experience in the field of technology and security. Headed by CEO Wico van Helden, a leader with decades of experience in software development, a number of members of the team have successfully worked together for many years already in the field. Marnix van den Berg is the lead developer and has worked closely with Wico van Helden for more than ten years at Wididi, a company with an impressive client base which includes the likes of BMW, the Royal Air Force Museum, and the aforementioned Airbus. This is a team with some serious credentials. You can learn more about the team here.
V-ID is not an ICO that depends on far-flung future ideas, scrambling to get in on the fading ICO gold rush. Led by a team with years of success and experience in the field, it is already working in the industry and is developing the automated V-ID services to increase the efficiency of payments and secure storage of data to serve its growing range of clients.
As of now, V-ID remains somewhat under the radar when it comes to having an online presence. While their Telegram following has grown substantially, quadrupling in recent days, the company has a ways to go to achieve broader recognition in the large crypto community. Hopefully, excitement for the project builds and word spreads as the upcoming token sale approaches. If you’re interested in checking out the V-ID Token Sale, with the pre-sale taking place on September 15 and the public sale occurring on October 15, head over here and check it out!
This sponsored article consists simply of my observations regarding the upcoming V-ID ICO. This is not professional financial advice and is intended only to act as a way for readers to gain a basic understanding of the project. The opinions presented in this article should not be used as justification for any trading activity. Please do your own research before doing any investing and never risk more than you can afford to lose.