V-ID -Let's end document fraud with Blockchain Powered Validation
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American businesses are losing over $50 billion a year, a statistical figure that cannot be ignored. The rise in fraud can be attributed to human touch points and manipulation of companies' documents. You see, Currently, businesses are using prenumbered documents such as your checkbook serial number towards preventing fraud, these same procedures are still used in sales receipts, certificates, and company reports.
The sequential numbering of documents has room for exploitation and this has been the touch points for frauds when it comes to documents exploitation and manipulation. Technology has advanced and business has started using digital documents to record their transaction and operational records. Software's are customized towards record keeping but have no room for fraud protection, they include QuickBooks and word documents among others, this method of technological processing of data has made it easier and effective to process transaction and record documents, the software's used can be overridden and change the documents details to benefit the manipulator in a fraudulent manner.
One of the projects using modern technology to prevent documents fraud and save us $50 billion a year is V-ID, an innovative blockchain technology towards optimizing how the data is verified for its authenticity and to help notice if changes have been made in the documents between the creator and the recipient. In this blog entry, I will explain how V-ID works using blockchain technology towards eliminating documents fraud and V-ID Solutions to the problems.
V-ID TECHNOLOGY.
V-ID is a solution to prevent document fraud, powered by blockchain technology users of the platform will be able to validate and verify the authenticity of any digital file. This will make it impossible to make changes in the documents in the chain between the creator and the receiver since the documents will be uploaded to a distributed ledger structured record that is immutable. V-ID 18 www.v-id.org | V-ID © 2018 V-ID’s process is relatively simple the creator of the documents uploads the original document in V-ID before transferring the document to the recipient, the document can pass through several touch points but when it reaches the recipient he will be able to verify the document using V-ID to see if any changes have been made to the documents.
V-ID can be used to verify all kinds of digital documents such as college certificates, business reports, legal documents, video footage and audit trails among other digital files.
How V-ID Platform works.
The creator will be able to upload his documents on the V-ID platform where it will be digitized analyzed by blockchain technology and all the documents details recorded on the blockchain distributed ledger, the details are recorded in a block which is joined with another block forming a chain, if the block containing the data is altered the chain will be invalid. V-ID uses digital signatures to track the digital ledger and if any change is made V-ID will be able to detect any changes made by each user activities. The recipient can upload the documents to verify if any changes have been made since the original upload.
VID Technology Solutions.
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Businesses will be able to use preventive measures to document fraud using V-Id platform that is powered by blockchain technology, the documents details will be recorded on the blockchain by the creator allowing the records to be immutable t changes. The records will be encrypted and time-stamped and linked in chains.
The records on the blockchain will help businesses validate and verify ownership of a document, traditional methods of documents ownership verification and authentication are complex and lack transparency, through the use of V-ID platform documents will have provenance due to the immutability of V-ID distributed ledger powered by blockchain technology.
Applicability of V-ID in your business.
Businesses can take advantage of -ID platform towards simplifying their documents verification and validation in order to block loopholes fraudsters have used to conceal their fraudulent behaviors through documents alteration and deletion of data in digital documents. Fraudsters have changed business documents and created new documents for their own benefits in between the value chain from creator to recipient.
Businesses using V-ID platform will be able to prevent fraud through a transparent value chain between the creator and the recipient.
Conclusions
Fraud has been rated as one of the top 10 operational risks in a business environment, through documents fraud businesses can encounter huge loses and create an unstable business environment that can affect the relationship between the business and its clients.
Businesses can leverage the use of V-ID platform powered by blockchain technology in order to prevent documents fraud through measures that ensure documents data is recorded and encrypted and stored in immutable distributed ledger.
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References.
V-ID: Verification of the website V-ID: https://www.v-id.org/
V-ID ICO: https://token.v-id.org/?2
ANN: https://bitcointalk.org/index.php?topic=4918204.msg44277489#msg44277489
White Paper: https://token.v-id.org/page/v-id-business-white-paper.php
Facebook: https://www.facebook.com/V-ID-277311629500577/
Twitter: https://twitter.com/v_id_blockchain
Reddit: https://www.reddit.com/r/VIDT/
LinkedIn: https://www.linkedin.com/company/v-id/
Medium: https://medium.com/@pim_vee
Instagram: https://www.instagram.com/v_id_org/
Telegram: https://t.me/vidtoken
Author: jamesndungu1
BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
Document control is used in every industry. Solid use case. Thanks for sharing.
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V-ID use case is very solid ! The project is currently experimenting with the following file types : Diplomas and certificates, Reports, Inspection certificates, Due diligence trails, Legal documents, Audit trails, Tracking data, Goods documentation, Logistic Documents, Video footage and Photo material and will definitely support more file types.
@wstanley226 Thank-you for your time to read my blog entry.