Verifying a user’s digital identity is a challenge in many industries that rely on this to offer personalized services. The necessity to prove the identity of a person in a digital environment is a problem that has existed for years now. The problem affects both the user (the individual’s privacy and personal data control are vital in the online environment) and the company (often affected by security breaches and inefficient identification).
In order to solve digital authorization problems, Validated ID launched VIDchain, a solution built with the use of blockchain technology and capable of offering a truly decentralized SSI (self-sovereign identity).
About Validated ID
Validated ID was launched in 2012 by highly experienced industry specialists in signature and ID systems. Ever since the launch, the goal was simple: to make ID verification as simple as possible, all while complying with all necessary legal issues.
The company takes advantage of experience in various domains of activity, like biometry, digital certification, cryptography and cloud computing. All of these, together with others, was included in the first important service launched: VIDsigner BIO, a handwritten signature electronic service that has strong legality, is easy to integrate and very easy to use.
After the launch of VIDsigner, Validated ID continued to add brand new services, like VIDstamp and VIDsigner Mobile. At the moment, the company is focused on creating signature and ID systems that can be applied to contracts. The goal is to revolutionize the industry and offer something that is effective, simple and “available universally”.
VIDchain aims to validate digital attributes and identities while operating in complete compliance with the General Data Protection Regulation (GDPR). Because of the advantages offered by the system, VIDChain won first place in Telefonica, Cuatrecasas and Alastria Open Call Cataluna. This led to partnerships with international partners and VIDChain is one step closer to creating a decentralized identity open ecosystem that is available for everyone.
The main benefits that VIDchain offers for the individual user are:
- Full control over personal data and identity.
- Increased security because of the use of blockchain technology and cryptography.
- The digital identity verification process is simplified.
For the businesses:
- Identity verification costs are reduced.
- Identity verification processes are improved.
What Is VIDchain Useful For?
The premise of faster and better digital authorization is something that is a necessity for many different industries. Validated ID highlights the following as being really interesting real-world use cases:
- Universities – Through proper digital signage and authorizations, a student can easily interact with an education center. This is useful for many parts of the process, ranging from doing homework to enrollment.
- Financial Services – For financial institutions, AML and KYC are vital and required by law. A service like VIDchain can easily take care of AML, KYC and even onboarding. All laws are respected and the service provides the needed verifications to guarantee this.
- E-commerce – Buying something from an e-commerce website is instantly more secured and streamlined.
- Public Administration – While many governments have problems understanding blockchain technology, those that do gain access to remote digital identification processes that are secured.