ICO

How V-ID Utilizes The Blockchain To End Digital Fraud

The VI-D ICO project comes in the wake of an ever-rising menace of document forgery and other criminalistic activities that involve tampering with and modification of digital files. The project aims at creating a secure environment in which individuals and institutions can instantly, accurately and confidently verify the authenticity of various digital files.

Due to their nature, most digital files are inherently prone to alteration. Malicious attackers take advantage of this to forge documents for their various nefarious needs. It’s in this light that V-ID was created to provide a de-facto standard solution to digital fraud by enabling easy validation and verification of documents and other digital files.

The Origins of V-ID

V-ID was developed by WIDIDI, a software development organization, that specializes in securing communications, connections and digital environments. WIDIDI is based in London and Zwwijndrecht Ridderkerk. V-ID was created based on another platform (called MI6) created WIDIDI in 2008.

WIDIDI has a longstanding experience in creating secure applications for diverse sectors particularly defense, law enforcement, and shipping. The organization has often been enlisted by top companies to carry out penetration tests and probe for sensitivities and vulnerabilities that may lead to cyber-attacks. By relying on this experience and expertise, WIDIDI hopes that V-ID will be the ultimate weapon against such notorious digital crimes as identity fraud, document forgery, data leaks, and fake news.

The relevance of the Project

In recent years, Blockchain has proven that it has the power to shape and add value to the world’s current, and future technology. In fact, many blockchain supporters believe that we are looking at one of the main technological pillars of the future world. V-ID is a next-gen digital identity platform built on this blockchain technology.

In 2017, ITV news reported that forensic data manipulation might have compromised over 10,000 criminal cases in Manchester. This goes to show that digital fraud is indeed a serious offense that often goes unreported. Its consequences are nonetheless real and sometimes very grim. V-ID promises that by using blockchain, it’ll make digital fraud impossible.

The use case of V-ID so far involves the validation and verifications of:

·         Reports

·         Different types of certificates

·         Legal documents

·         Logistic documents

·         Tracking data

·         Audit trails

·         Due diligence trails

·         Diplomas

·         Photo material

·         Video footage

·         Goods documentation

V-ID’s Verification and Validation Process

Currently, V-IDs services are B2B. V-ID users fall into two categories. There are;

  1. Creators

Creators are the original owners of a document. They include publishers and issuing organizations. A creator uploads and registers a file on the V-ID platform.

  1. Receivers

Receivers/recipients are individuals who get documents that have been sent by diverse individuals or institutions. It’s the recipients that use V-ID to verify the authenticity of the files that they receive.

Anyone can use V-ID to verify documents on any device, both mobile and PC. The process takes about 5 seconds even when the recipient doesn’t have a V-ID account.

Verification Using V-ID

V-ID’s verification terminal is located at https://www.v-id.org. The recipient of a file uploads it to this verification terminal, and after verification, a verification report is generated. An Origin Information Certificate (OIC) is also produced for the recipient. The OIC contains vital details about the creator, the file itself as well as vital blockchain info like proof of existence and timestamp.

Validation Using V-ID

The goal of validation on V-ID is to ascertain that the documents that are verified at the verification terminal are actually validated by the rightful owner or entity that represent the creator/issuer. This ensures that the authenticated documents on V-ID aren’t fake.

V-ID proposes two approaches to validation:

  • Validation by an employee of V-ID
  • Self-validation.

Validation by an employee of V-ID

Level 1 (Remote Validation)

In this form of validation, the creator (or issuing organization) uploads and sends the file to V-ID via a secure connection. An employer of V-ID then validates the file against what the creator posted.

Level 2 (On-Site Validation)

An employee of V-ID validates the file at the location of the creator (or issuing organization)

Level 3 (Validation with notary supervision)

A notary is present to supervise the validation of a file at the location of the creators (or issuing organization). eKo Notaris is a Dutch notary agency that has effectively embraced blockchain technology and is currently offering its services using V-ID.

Self-Validation

Through self-validation, files can be validated at any time by an employee of the organization that issued the files. The employer, in this case, become the validator, and a V-ID agent verifies his/her identity and confirmed by a V-ID-appointed notary.

V-ID creates a profile for the validator and also gives them access to the Validation Terminal. The validation terminal is a user-friendly platform via which a simple drag and drop procedure can easily validate any file.

The future plans for the V-ID project are to become a non-intrusive tool for online analysis and identification of individual and companies.

V-ID’s Utility Token, V-IDT

V-ID uses an ERC20 token, VIDT. VIDT is used to make payments for validation. On top of that, it’s also used to identify wallets for the validating as well as issuing parties.

The VIDT token sits at the core of the validation process. The validating parties have to pay with VIDT tokens. Creators, issuers and all publishing organizations are assigned a wallet that contains a balance of VIDT tokens. The wallet can later be topped up with monthly VIDT bundles.

Each time validation is performed, a VIDT transaction occurs. A certain amount of VIDT is deducted from the VIDT bundle of the publishing organization. Vital details of the operation are recorded including validation location, file type, validation identity, and timestamp.

Final Words on the V-ID Project

From face value, you might wrongly assume that V-ID is limited to notary, judicial and legal work. Nevertheless, V-ID has a multitude of diverse applications in the consumer world. An artist could, for instance, record his/her work using V-ID. This would ensure ownership and also secure insurance and patent claims for their work.

V-ID already has some very respected clients in defense, medical, fiber, and marine industries. Notable clients include Airbus Defense & Space, Vitrum Net, and JWC Superyachts. Given the impressive achievements that the project has realized we can confidently say that V-ID is going places.

ICO Summary

Token Sale Date: ICO Starts: 15th October 2018. Ends: 15th December 2018.
Token:                 VIDT
Type:                    ERC20
Buy With:           ETH, BTC, EUR
Price:                    1 VIDT= 0.20 USD
Bonus:                 October 5th– October 15th 5% bonus
Hard Cap:           8,000,000 USD
Soft Cap:             1,000,000 USD
Country:              Netherlands
Restricted in:    Canada, Somalia, Cayman, USA, China, North Korea, Venezuela
Whitepaper:     https://token.v-id.org/whitepaper
Website:             https://token.v-id.org/
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=4918204


Bitcointalk: Dantrevons

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