An identity and credential verification platform Verif-y Inc. has announced the launch of its token pre-sale, followed by a crowdsale on the 5th of October, 2017. Proceeds from the token sale will go to further develop the identity and credential solutions and protocols.
The solution is aimed to address the concern that a strong and reliable digital identity is necessary in order for global digital blockchain economies to continue expanding. Verif-y’s services improve the protection of Personally Identifiable Information and is expanding the development of the blockchain-based, digital identity solution layer of its credential and employment verification platform.
Verif-y enables owners to own, manage and communicate their digital identities and verified credentials, and gives entities an interface and layer of trust to provide and request Personally Identifiable Information data.
The Verif-y platform employs Next-Generation Defense-in-Depth methodology to support and secure end-to-end validation of education, employment, license, certification and membership credentials, and the resulting digital identity. This new digital identity can then be utilized for identification purposes outside of the employment and educational markets, such as online login authentication, formal identifications, physical access or other applications.
The platform leverages the Ethereum blockchain to exchange credentials and identification between individuals and organizations. Verif-y’s app-token – VFY – facilitates in-service purchases on the platform viasmartcontracts, allowing organizations to manage their employees, students and members, and users to have their personal credentials verified and disseminated via the app. The use of blockchain technology with the platform’s existing technology reduces customers costs.
Ed Zabar, Founder and CEO of Verif-y, Inc., stated: “In 2014 I encountered a significant business problem regarding an individual’s credentials and resulting identity. I thought, “There has to be a better way….” there wasn’t, and that’s when we started developing our solution. The idea for Verif-y coincided with the growing industry acceptance of various Blockchain uses and implementations. Blockchain allows for the tokenization of transactions, and the Verif-y app and platform leverage this functionality to secure and confirm the accuracy of identity and records. Cyber hacking of people’s Personal Identifying Information is at an all-time high and Verif-y confronts this issue with a holistic, decentralized architecture”