V-ID teams up with DigiByte to fight fraud
At CryptoMurmur, we recently took a deep dive into the world of DigiByte in our Focus Fire series, learning about the world’s longest and fastest UTXO blockchain, its sophisticated solutions to the problem of security and scalability, as well as its broadly decentralized team and community. More recently, we took a closer look at the innovative V-ID ICO, a project that secures and proves the veracity of documents using immutable blockchain technology.
Today, these worlds are colliding — in a good way, of course. In an exciting cooperative effort, V-ID will now use the DigiByte blockchain alongside both Bitcoin and Ethereum for authentication of digital files without the need for an intermediary party. This greatly enhances the security of the V-ID service and improves transactional speeds while lowering costs.
V-ID serves to prove the veracity of any document, following a KYC process that creates a timestamped “fingerprint” of any file, which is then stored on the blockchain. Once imprinted, the authenticity of the file can be verified by simply checking its fingerprint in seconds, without the need to store the file itself. The file can then be shared, copied, and distributed as needed, all while being completely trustworthy and proven to be genuine due to the immutable mark left as a V-ID fingerprint in the secured and proven history of the blockchain.
As any reader here at CryptoMurmur would know, DigiByte is the perfect match for such a service. This blockchain is among the most widespread and secure, with more than 200,000 nodes around the world sustaining its integrity. It is also the fastest of any UTXO blockchain (blockchains of the same technological heritage as Bitcoin and Litecoin, among many others).
As V-ID is gathering steam and attracting attention, cooperative efforts with great technologies like DigiByte only serve to improve their offerings. Digital document fraud can be averted with V-ID, proving the validity of certificates, research journals, and important financial documents, among many other possibilities. Even digital files such as photos can be protected from manipulation by tools like Photoshop, for example, as the V-ID fingerprint would no longer match a file that has been altered, thereby protecting the integrity of the original.
V-ID has already proven its utility with a working product, serving a number of major clients from a variety of industries, including the likes of Airbus, JWC Superyachts, and the HBO Drechsteden university. V-ID’s upcoming token technology will enhance this service by reducing costs, increasing speed and capacity, and streamlining verification services via distributed ledger technology, now improved via this new cooperative effort with DigiByte.
If you’re interested in checking out the V-ID Token Sale, with the pre-sale currently running and the public sale occurring on October 15, have a look here!