19 th March, 2018
A Global Platform for
Frictionless Identity Verification
A Transparent Ecosystem
The Problem
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.
Time Consumption
Current process of identity verification can take from days to weeks to months; depleting resources otherwise capable of generating revenue.
Privacy
Data stored in centralized locations are vulnerable to multiple and mass data breaches & risk exposing the identity of the user.
Security
Personally Identifiable Information (PII) is leaked at various stages in the ID verification process which leads to unsolicitated use.
Financial Loss
The process of ID verification inflicts significant financial cost to the businesses.
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The Solution
User
Decentralized
A Platform which does not store data in a central database - making it safe from mass data breaches.
Unique IDEach user registering on Velix.ID will get a unique 8-digit alpha numeric ID that is easy to remember.
ConsentUser authorization mandatory for all transactions of ID information.
TrustedUser is in control of his own data at all times.
Business
Improved Customer Experience
Users can access services easily and instantly without repeatedly requiring to sign-up or entering identity information.
Resource Conservation-
Cost
The cost for new customer acquisition and identity verification comes down.
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Time
The time spent in performing multiple signups, gathering and verifying identity information reduces significantly.
What is Velix.ID?
Velix.ID is a RegTech blockchain startup catering to a $200 Billion a year target market in the identity verification space. As the contemporary methods of identity verification take too long to process, incur massive financial loss for both businesses & individuals, and often compromise the personal information of the user, Velix.ID is decentralizing the process using Smart Contracts, Zero Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that is universal, obscure, transparent, decentralized, time-efficient, and cost-efficient.
Key Features
User-Optimized
The Velix.ID ecosystem is both time & cost efficient; the time and cost incurred in verifying identities is reduced significantly both for users and businesses.
Decentralized
No single point of failure can occur in the Velix.ID ecosystem; compromise of a node(s) does not affect the rest of the ecosystem.
Transparent
Transactions on the Velix ID blockchain can be seen by everyone. Verifiable authenticity exists for every transaction made.
Secure
User’s data is not stored with Velix. Even if Velix.ID systems are breached, it does nothing to compromise the data of the User.
Obscure
Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users on the blockchain.
Universal
VXD tokens globalize the platform by facilitating near-instant autonomous transactions between anyone across the world irrespective of geographic boundaries.
Velix.ID Products
Velix.ID App
The current Velix.ID MVP allows users to create a profile and update their basic PII details on it, along with uploading a photograph. These details are stored on the user’s own device or on their cloud, but no information is stored with Velix.ID.
The app will be expanded further to include authentication log of the details, support further levels of PII, and allow attestation of information through blockchain.
NFC Cards
The Velix.ID Card is a unique Identification Card issued by Velix.ID to its Users. The Card will contain all of the User’s information in an encrypted format alongwith the User’s unique Velix.ID number.
This Card can be shared by the User, as per his/her convenience , with any Organisation that accepts Velix.ID as a form of identity verification. For example, the Velix.ID Card can be used to quicken the check-in procedures at Airports or Hotels.
Velix.ID SDK
Velix.ID SDK will be a software that can be installed to any NFC-enabled device by a third-party manufacturer to allow the device to accept Velix.ID as a method to authorize entry to the restricted area. For example, Velix.ID SDK could be installed to existing NFC-enabled devices in any organizations to enable Velix.ID Identification, without having to installthe Velix.ID Reader.
Velix.ID Reader
Velix.ID Reader will be a NFC (Near-field communication) enabled device that can be installed at any place, where restrictions on entry are required. The device can then be used to grant access to people to such area once their Velix.ID has been verified (either through their Velix.ID Card or another NFC-enabled device such as mobile phone) by the Velix.ID Reader.
The authority that controls the restricted area will have to grant access to that Velix.ID in advance, for the Velix.ID User to be able to access the said restricted section. For example, the device can be installed in Office complexes, Schools, Colleges, and public transport stations to grant access to the restricted areas in a time & cost efficient manner
Use Cases
Access an Office-building
Visitors have to sign in a register every time they want to access an office area. With Velix. ID, a User can simply put in their 8-digits alphanumeric ID, and all their basic personal information such as Name, Address, Phone Number, and EMail ID can be shared hassle-free, and they do not have to share the same information at various offices again and again.
e-Commerce Checkout
Every time a person wants to order anything online, they have to put in their personal information such as name, phone number, email, address, etc. They have to repeat this process on every e-commerce website they want to order from. With the unique 8-digits alphanumeric Velix.ID, this process can be automated, and the User can just sign up using their Velix.ID for all of these websites.
Hotel Check-In
Every time a User wants to check into a Hotel, there is a host of formalities awaiting them at the Hotel reception that includes filling out lengthy forms and providing ID documents. With Velix.ID, the User can simply share their 8-digits alphanumeric ID, and all of your personal information and documents will be securely sent to the Hotel management.
Previous-Employment Details
Currently there are no dependable methods in the global employment sector to carry out background checks and authenticate information stated in Resumes, reference letters, and previous employer details. Validation of the details mentioned in the Resumes can be requested from each certifying authority through the Velix.ID ecosystem within a matter of minutes and a few taps on the smartphone’s screen.
