Verif-y Inc., an identity and credential verification platform, has announced the launch of its token pre-sale, followed by a crowdsale on the 5th of October, 2017. The platform is designed to provide a strong and reliable solution for people to use as the increase in connectivity that comes with blockchain and IoT necessitates a method to establish identification, as well as to reduce costs. Proceeds from the token sale will go to further develop the identity and credential solutions and protocols.
In order to facilitate this, Verif-y is expanding the development of the blockchain-based, digital identity solution layer of its commercially available credential and employment verification platform. Verif-y’s services improve the protection of Personally Identifiable Information – PII. By using Verif-y, users can own, manage and communicate their digital identities and verified credentials. Customers such as educators, employers, licensors, etc. are expected to benefit from an increase in control and efficiency.
The platform employs Next-Generation Defense-in-Depth methodology to support and secure the end-to-end validation of education, employment, license, certification, membership credentials and the resulting digital identity. The platform uses the Ethereum blockchain to exchange credentials and identification between individuals and organizations. Verif-y’s app-token (VFY) utilises smart contracts to facilitates in-service purchases on the platform, allowing organizations to manage their employees, students or members, alongside giving users the ability to have their personal credentials verified and disseminated via the app.
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”