VIDT Review, use cases, future prediction
What follows is the byproduct of our research on whether or not V-ID is a good project.
We have a tendency to FOMO, so read everything with a grain of salt and always DYOR.
What is V-ID?
Anything digital can be altered. How then can you be confident about the authenticity of the digital files you are dealing with?
“V-ID is a blockchain powered document certification service. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation.”
You can tag digital files using V-ID and anyone around the world can verify its authenticity by simply using V-IDs free checker.
If any information is changed within the file, V-ID flags it.
This technology has an immediate use case in the real world to fight digital frauds. Especially in dealing with:
- Scientific papers
- Official documents
- Data from Internet of Things
Watch this quick video to learn about V-ID.
Take a simple example of purported crypto ‘recommendation reports’ that float on the internet. How do you know they are what subscribers were given?
How can you be sure that the document is not manipulated by someone to ‘alter the buy up to and sell at’ prices?
In this simple situation, using V-ID, one could verify the authenticity of the document.
In a world of Deep Fakes, a solution like V-ID can be a lifesaver.
How big is the problem that V-ID solves?
According to the Javelin Strategy report, Identity fraud cost $16.8 Billion dollars in 2019 alone.
Obviously this includes credit card and account takeover frauds. However, when a solution like V-ID becomes integrated, there is an opportunity to curb these identity thefts as well.
Fraud Detection and Prevention which was valued at $17.33 billion is expected to grow at an 18% (CAGR) rate from 2019 to 2025.
The more diverse our technology becomes with the advent of Internet of Things, Artificial Intelligence, Cloud Computing, Augmented Reality and reliance on smart mobile devices, the more we grow vulnerable to fraud.
In our opinion, the fraud space is only going to grow bigger and faster.
V-ID has an opportunity to place itself as a reliable solution by leveraging the blockchain’s resilience.
Any solution’s success will depend on its ‘ease-of-use’. We tested the V-ID ‘certification’ to get a taste of the platform.
When we scanned the QR code of the document, it took us straight to the document where we could easily verify that it was indeed ‘authentic’.
The ease at which you can verify someone’s credentials, certifications, diplomas, etc., is simply awesome.
Users can verify the authenticity of other documents through their free online checker. Obviously, the company has to be signed up with V-ID for the documents to be ‘stamped’ on blockchain.
V-ID promises verification in 5 seconds. Here is a video that shows how the verification works.
All in all, the concept behind V-ID is quite simple and easy to use.
This ease of use accompanied by an amazing use case is what forms the basis for blockchain’s adoption. The tool makes you forget about the blockchain altogether.
Does V-ID need Blockchain?
Yes. We think V-ID has a blockchain use case.
When it comes to providing a hack-resistant environment and resiliency to the underlying system, blockchain really shines.
The V-ID makes use of blockchain the backend without inundating the end users with the intricacies of ‘how blockchain works’ is quite admirable.
“Currently V-ID offers anchoring in Ethereum, Bitcoin, IBM Hyperledger, Fantom, LTO Network, Digibyte and Binance Chain.”
For V-ID, in our opinion, Blockchain is not just a fancy jargon to allure people to the project but rather it is a smart technology choice to meet the business objectives.
Marnix van den Berg, Founder & CEO, has over 17 years of experience. He is supported by 3 other Founders on the project.
Pim Voets is the Founder and Lead Concept Design, Ceciel van Helden is the Founder and Lead Programmer, Wico van Helden is one of the Founder.
The teams section of the website shows about 9 team members and 6 advisors, including Chris Robinson, Ex-CTO of American Express.
Just between the 4 founding members have a combined experience of over 70 years. Wico van Helden has hands-on experience in taking a company IPO.
Progress, Case-studies and traction
V-ID has been associated with many brands. They showcase few case studies on their website:
AMSPEC is using the V-ID technology to verify the authenticity of their inspection reports
V-ID made history by bringing 17th Century Rembrandt to the blockchain. This verification was made possible with CMS Law acting as notary, collaboration with Duowes Fine Arts and V-ID.
V-ID is bringing certificates and diplomas onto the blockchain. To this end V-ID has collaborated with NYENRODE and HBO Drechtsteden.
V-ID successfully installed the first IBM Watson-connected IOE sensor with V-ID data anchoring.
V-ID partners with Caltrix Consultancy to offer a tailored solution for any financial organisation to comply with KYC/AML challenges.
LTO Network and V-ID entered into a partnership by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments.
This alliance allows for any party to verify the authenticity of the diamond using the certificate, and the authenticity of the certificate using the V-ID service.
The brands with which V-ID has worked with and the diversity of the projects they have been involved in bring a lot of confidence in this project, in our opinion.
Price – Revenue Model
Companies need cash flow to sustain and grow. It is important to have a revenue plan for the company to thrive.
V-ID offers 3 different pricing options that you can see below.
Euro 2 per file may seem like a big deal but companies have the option to use the verification only for sensitive documents.
For example, on invoices or contracts, to ensure authenticity.
Challenges to consider
One of our favorite projects, ICON, also rolled out the Broof concept which helps organizations verify certification.
Blockchain projects, like ICON, with existing capabilities could potentially ‘extend’ their solutions in the verification arena. This could pose stiff competition.
The verification problem is so big that it can accommodate more than one player, however, the more players you have the more it dilutes the upside potential.
What Blockchain identity verification will not solve!
Demand for counterfeits
When all is said and done, counterfeits exist because they have market demand. Without demand a product doesn’t sustain long.
There are millions of people who want to experience luxury on budget, by choice or because of lack of choice.
The projects like V-ID cannot solve the counterfeit market for those who specifically seek them out.
However, the project does solve the ‘authenticity assurance’ demand for people who are paying the full price for the genuine product.
Market for ‘copies’
Digital products have an amazing advantage which is its major flaw and that is: it can be replicated without much effort.
If someone is deliberately seeking out for a pirated copy of something, there is so little you can do.
VIDT, Coinmarketcap and where to buy and sell?
V-ID Blockchain has its own native crypto with ticker symbol: VIDT.
We have to specify this because there is another project on coinmarketcap with VID symbol and we had few folks who seemed to be confused.
At the time of this writing, VIDT was ranked at 224.
At this time, you can buy and sell VIDT at KuCoin.
Blockchain finds a great ‘real-life’ business use case in V-ID.
The association of the project, even if indirectly, with big brands like IBM, AirBus and more is just a testament to the viability of this solution.
While it may be possible for other projects to try and emulate the V-ID solution, the focus and dedication of the V-ID team could put up a mighty fight, in our opinion.
Ultimately, the problem of fraud is quite big and could easily accommodate success of multiple players.
In the end, we are coming to the same opinion about V-ID that Chris Robinson, ex-CTO of American Express, did and that is “V-ID is a rare combination of 3 things — A great idea in a large and almost green space market. A company with a proven track record and real-world customers. And, finally, an exceptionally high quality team and advisors.“
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