SINGAPORE, Jan. 20, 2018 /PRNewswire/ -- In the
fast-moving 21st century with a 7-billion strong population —
accessing any consumer service requires identity information —
signing up on websites, e-commerce checkouts, accessing private
properties, buying bitcoins, or getting loans. However, this
incautious sharing of identity brings many problems for
both consumers and businesses.
The Problems With Identity Verification
Identity Fraud: As per the data compiled and fact-checked
from Forbes, BBC, Mashable, CNBC and the Telegraph, the world
is losing up to $200 billion
in identity fraud every year, and more than 4 billion data records
were stolen globally in 2016 alone.
Data Breaches: When the data is stored in central
databases with authorities or businesses, it is susceptible to mass
data breaches. It is not just random websites on the internet that
are compromising people's data, even some of the world's major
brands have suffered mass data breaches. The list includes
popular brand names; the government databases are no
exceptions either. In India
particularly, Aadhar has suffered multiple massive data breaches,
compromising the most sensitive personal data of millions of Indian
citizens. Other key government enterprises including DRDO, ISRO,
RBI, EPFO, and several others have faced data breaches as well.
Time & Cost Inefficiency: Current Methods of Identity
Verification are too slow and inefficient for both consumers and
businesses — taking the cost of verifying identities to near
$100 billion a year. The laws
relating to cryptocurrencies in India are so stringent, that the exchanges
have to spend millions of dollars performing KYCs, which
inconveniences the consumers by having to wait for multiple days
before they can actually start trading.
The Velix.ID Solution
Decentralization: Storing the data in a centralized
database makes the identity information susceptible to mass data
breaches or misuse in the hands of the concerned authority (such as
selling your information to advertisers without your explicit
consent). Blockchain Technology allows for this information to
be stored on a public ledger in an anonymous manner with no
authority having singular control over this information.
Easy Transaction: A unique easy-to-remember
8-digit alphanumeric ID that can be shared globally with
anyone to allow seamless sharing of identity information in a
secured manner without requiring to repetitively provide the same
information over and over again.
Mandatory User Consent: The identity holder should
always be in charge of how and where their identity information
gets shared. Any transaction of identity cannot occur between two
parties without the explicit consent of the identity holder.
A Platform That Doesn't Require Trust: The blockchain
& zero-knowledge proofs technology that Velix.ID utilizes
ensures that it doesn't have any information stored about the user
with it, and the identity information is transacted directly to the
identity information requester, without any intermediary control.
This means that the platform works even without trust.
Improved Customer Experience: Users can access services
easily and instantly without repeatedly requiring to sign-up or
entering identity information.
Time & Cost Conservation: The cost for new customer
acquisition and identity verification comes down since the same
processes do not have to be repeated over and over again. The time
spent in performing multiple sign-ups, gathering and verifying
identity information also reduces significantly.
"Identity verification has been one of the biggest concerns
in the last decade globally because of the costs and risks involved
in the process. I started exploring the identity space in 2015 when
I discovered that my email ID got hacked in a mass data
breach," said Manav Singhal,
CEO at Velix.ID.
"The idea behind Velix.ID has always been to make it safer
and more efficient to share & verify identities across the
consumer markets. As a consumer, I shouldn't have to wait for days
for the business to verify my identity before I can start accessing
their services; it is a loss-loss situation for both businesses and
their customers."
Velix.ID Token Sale
Pre-Sale Phase 1: 1 VXD = 0.65 USD,
starts: 27 Jan 2018, discount:
35%
Pre-Sale Phase 2: 1 VXD = 0.7 USD,
starts: 3 February 2018, discount:
30%
Crowdsale Phase 1: 1 VXD: 0.8 USD,
starts: 10 February 2018, discount:
20%
Crowdsale Phase 2: 1 VXD: 0.85 USD,
starts: 18 February 2018, discount:
15%
Crowdsale Phase 3: 1 VXD: 0.9 USD,
starts: 26 February 2018, discount:
10%
Visit the Velix Website: https://www.velix.id
Check out the Whitepaper:
https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
Connect on Telegram: https://t.me/velixID
Follow on Twitter: https://twitter.com/VelixId
Check out the Blog: https://blog.velix.id
Read the BitcoinTalk Thread:
https://bitcointalk.org/index.php?topic=2721724
Media Contact
Contact Name: Neer Varshney
Contact Position: Head of Communications & Outreach
Contact Email: neer@velix.id
Velix.ID is the source of this content. Virtual currency is
not legal tender, is not backed by the government, and accounts and
value balances are not subject to consumer protections. This press
release is for informational purposes only. The information does
not constitute investment advice or an offer to invest.
Related Links
Velix.ID
Bitcoin PR Buzz
View original content with
multimedia:http://www.prnewswire.com/news-releases/a-blockchain-regtech-solution-to-the-worlds-200-billion-a-year-identity-verification-crisis-introducing-velixid-300585611.html
SOURCE Velix.ID