PHILADELPHIA, Sept. 15, 2017 /PRNewswire/ -- Verif-y Inc., the identity and credential verification platform, has announced the launch of its token pre-sale followed by a crowdsale on October 5th, 2017.
Verif-y's identity solution addresses the concern that a strong and reliable digital identity is necessary in order for the global digital blockchain economies to continue their expansions. To meet this fast-growing identification demand, 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"), which in today's world define our identity.
Verif-y gives its users the power to own, manage and communicate their digital identities and verified credentials, and gives entities an interface and layer of trust to provide and request PII data. Importantly, with Verif-y, all communication of PII is exclusively governed by the users, something not available until now.
Verif-y brings value and efficiencies to all parties who participate in the ecosystem: educators, employers, credential providers, licensors, member organizations, certificate providers and lastly, but not least, the users.
The Verif-y platform employs Next-Generation Defense-in-Depth methodology to support and secure the industry's first end-to-end validation of education, employment, license, certification and membership credentials and the resulting digital identity. The strength of the digital identity generated by Verif-y's process is powerful, given that the identity is generated in an organic manner – comprised of unique identifying data, stored on the blockchain and resulting in a new paradigm for securely storing and accessing PII. 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 (IDs), physical access and many more 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 (utilizing smart contracts), allowing organizations to manage their employees/students/members, and users to have their personal credentials verified and disseminated via the app. Verif-y's implementation of blockchain technology together with its platform's existing technology enables Verif-y to substantially reduce its customer's current costs.
Verif-y's app and supporting platform have been live since April 2017 and available for download on iOS and Android devices. The number of organizations currently verifying PII on Verif-y's platform is growing and they have the opportunity to monetize participation in the ecosystem by uploading verified users onto the platform. This has a network effect and allows organizations and respective users to deliver better services while combating identity fraud.
"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" said Ed Zabar, Founder and CEO of Verif-y, Inc.
As identity is one of the pillars of a successful and ubiquitous blockchain implementation in many industries, Verif-y's highly robust and differentiated identity solution can become an essential part of this global, fundamental transformation.
Proceeds from the token sale will go to further develop the identity and credential solutions and protocols.
For more information on Verif-y and its upcoming crowdsale, please visit the website https://www.verif-y.io