On November 19th, Team Atomic had an AMA session with V-ID, a validation service that uses blockchain technology to end all document fraud, in our Telegram Chat. The team members present on the discussion with our community were Marnix van den Berg (CEO & Founder), Pim Voets (Founder & Lead Concept Design) and Joshua Jenster (Lead Business Dev).
Here are the essential points of the AMA session:
Please welcome Marnix van den Berg (M), Pim Voets (P), Joshua Jenster (J) and the questions from our Telegram chat members (Q).
Q: What are the use cases of V-ID tokens? Why should we purchase and hold VIDT coins?
M: The VIDT platform is all about blockchain-powered document validation and verification. VIDTs can certify and secure digital documents against fraud and manipulation. The company behind VIDT, V-ID, is a fast-growing company with over 30 customers serving use cases that involve protecting files like certificates, invoices, diplomas, and sensor data against unwanted manipulation in addition to protecting the integrity and the value of these assets.
Q: Which V-ID services are already live? What are the upcoming V-ID products or services in the future?
M: As some of you already know, our Validation Service has been live for more than a year now. Over 30 clients use V-ID tech to protect their data and documents. Furthermore, we are working on a B2C solution and have several partners/resellers working on even more VIDT platform-based solutions.
Q: What is timestamp technology? How does it make a digital file verifiable?
J: Timestamping means that we can safely say when a document was for example created or validated. This is important in use cases where it is crucial to know when a document was where. We can make it verifiable by using the document’s fingerprint much like we can identify you as a person with your fingerprint.
Q: Sometimes validating and verifying a document bring problems when authorship is not 100% guaranteed or there is theft of ideas. How will you deal with this issue?
J: We make sure to KYC all our users so that you can always check the authenticity as well as the ownership. This is especially important in for example the invoice example.
Q: How does the VIDT software get around human fraud which is the largest cause of errors on payables and invoices?
J: Human fraud can be circumvented with our service. Invoice fraud usually occurs with a man in the middle attack that would be noticed with documents validated by V-ID. Even better would be to integrate our APIs so any document going in and out are automatically checked/validated to make sure everything is as you expect it to be. In addition, any recipient will be able to see who validated the specific document so even if somebody has malicious intent, you can pinpoint them very easily.
Q: Does VIDT have access to the contents of the documents?
J: We do not handle the document content. The network or V-ID does not have access to the content of any anchored document.
Q: How is V-ID a better option compared to other data verification projects?
P: We have built a product around it that takes care of the KYC of validators. It is only secure when you can be sure of the publisher that anchored the file. Our business model lowers the barrier for new clients who want to make use of validation. They do not need to know about or handle wallets or tokens. They pay in fiat. Checking a file with our verification terminals takes just 5 seconds without the need for installs, plugins or logins, and works on any device with internet. All this is to make it as easy as possible to adopt the tech.
Q: In terms of marketing, which countries V-ID is focusing on now? What is your marketing strategy to access these markets?
M: We have a lot of Dutch customers but just made great steps in the US and Asian markets. These projects are very time consuming but have great potential.
Q: What is the positive impact of the collaboration with IBM and its relationship with AmSpec to V-ID?
M: IBM collaboration was a huge compliment for our tech. They really see the added value of validating data to increase data integrity. AmSpec was one of our first industry giants and really did a lot for awareness within the oil and gas sectors. All in all, these two and other clients really proved that there is a market for our solution. Now, we also focus on partners to use our tech and their expertise in specific niches.
Q: V-ID can be used to solve problems of academic documents such as authorship and verification of papers. Do you think your system can replace or be an excellent alternative for the validation of documents in the traditional way?
P: Yes. We see current systems not user-friendly and expensive for digital files like PDFs. If you look at diplomas, the concept of adding watermarks and other features is outdated when you digitize it and use the file hash as an authenticity check.
Q: What are some of the priorities of V-ID at this point in time? What are some of the use cases that we will see in the future?
J: At the moment, we are focusing on expanding and growing the business by growing our partner network and expand our customer base. Regarding the use cases in the future, more added value in markets where we can achieve the most including but not limited to fintech, insurance, education, etc. Think about certifying diplomas or decreasing identity fraud with Digibyte Veritas.
Q: What is your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How can V-ID help to achieve it?
J: We are definitely still at the starting point of this innovative technology. I think it will be an absolute must to start adopting blockchain in projects where it is an actually added value instead of just a way of marketing or hype. With V-ID, we try to set the foundation in our regional networks to showcase the technology so that we can actually prove what it is capable of and see it as a means to a solution instead of just a solution in itself.
Q: What are your main plans to increase adoption and awareness among people and more specifically among professional asset management?
P: We are partnering with other specific industry leaders and companies with knowledge of exact processes in their own sector to uncover more use cases. We are also developing a consumer app that allows people to eventually pay with VIDT to validate data. The VIDT Platform enables entrepreneurs to become resellers of the V-ID tech around their own business models. We keep looking to connect with more exchanges to expand availability and exposure.
We were glad to host V-ID on our Telegram. Thanks to the team and all the members of the session!