Velix ID(VXD)-The Identity Verification Blockchain
Have you known about a Blockchain Platform that verifies the identity? This is about it. Velix.ID VXD is an identity verification service built on the blockchain. Users verify their identity through the Velix.ID mobile app – say, by scanning their fingerprint. Velix.ID can be used to authorize requests or to act as the second stage of a two factor authentication system. The Velix.ID ecosystem revolves around the use of VXD tokens, which are being sold at a price of $1 USD apiece from January 1, 2018 onward. The system is expected to be ready for public, global release by October 2018.
What Problems Does Velix.ID Seek To Solve?
Obviously, the main problem Velix.ID seeks to solve is the problem of identity theft. Today, it’s too easy to steal and abuse someone’s identity. If you have someone’s password and username, you may be able to login to most of their accounts, for example. Privacy violations are also a concern. Today, free services are able to offer free service because they sell user information to advertising companies. Personal information is floating across the internet. Any photos you upload to social media are no longer owned by you. Velix.ID’s team sees a problem with the modern verification system. In today’s system, identity verification is a lot of hassle. Users are required to submit their ID at every juncture. These IDs are usually government-authorized passports, driver’s licenses, SSNs, etc. The ID is submitted to the organization that is requesting verification, and then that organization needs to verify the ID is genuine. Both of these processes result in financial losses for both the user and the organization. It’s an inefficient, insecure system.
How Does Velix ID(VXD) Work?
How does Velix ID plan to solve the problems listed above? Velix ID aims to create an ecosystem for all stakeholders in the IDV industry. That platform will offer an open, secure, reliable, and trusted blockchain smart contract that can become the basis of a trust framework. All stakeholders – including identity holders, verified identity providers, and verified identity seekers – can subscribe to this platform.
Here’s how each of the three parties will interact with the Velix.ID platform:
Everyone in the world classifies as an identity holder in the Velix.ID ecosystem. All identity holders on the Velix.ID platform have a number to which all of their data will be associated. Any individual can use Velix.ID for their identity verification.
Verified Identity Seekers
These are organizations who need an individual’s verified identity, but don’t want to invest time and money into verifying the identity themselves. These people can use the Velix.ID ecosystem as a Verified Identity Seeker. If the identity of an individual has already been verified by an organization, then the process does not have to be repeated by other organizations to verify the same identity again. The authorization and consent of the user is required in order for this exchange to take place.
Verified Identity Providers
These are institutions and businesses that verify identity-related information for individuals and businesses. These can be educational organizations, governmental organizations, banks, multinational corporations, and other types of businesses.
The Velix.ID ecosystem will have the different levels of the personally identity information, or PII. The amount of PII you’re required to divulge to order a pizza, for example, is not the same amount of PII you’re required to the divulge when claiming your employee pension.
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