Veri Doc Global

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Veri Doc Global (OCR) ICO Review

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Veri Doc Global is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameVeri Doc Global
Token SymbolVDG
WhitepaperView Whitepaper
Website LinkHome
AcceptingETH
PlatformEthereum
CountryAustralia
TypeUtility

More about Veri Doc Global (OCR) ICO:

VeriDoc Global was originally founded to verify documents and to prevent forgeries in the education and training sector. The addition of blockchain technology and smart contracts has further enhanced the verification solution, making it a valuable tool across other sectors as well.

eriDoc Global is a multinational technology company and provides anti-fraud document verification solutions using blockchain and smart contracts. These solutions ensure that a user is looking at a true and correct document created by the issuer. VeriDoc Global has developed an application to provide fast and cost-effective services with patented digital security and Quick Response (QR) Code technologies.

Proof of original documents (as created by a document originator such as a bank, university or law firm) have typically been undertaken manually through sealing or certifying. These documents are presented in an original or certified format physically or through a digital copy when required for proof. A digital copy can be locked by various methods, however there is no way, using existing methods, to prove the digitised original has not been manipulated. These methods are therefore not 100% secure.

VeriDoc Global has created a new process and solution to prove validity of an original document by providing access to a digital version of the original document in a 100% secure and tamperproof way.

The trend towards a paperless office has grown rapidly, however, there is still a need for certain types of documents to be communicated in a physical form. For example, legal documents, government-issued certificates (such as birth certificates, driving licenses and passports), insurance documents, academic transcripts or property contracts, all need to remain in a physical form.

Unfortunately, with advances in modern technology, these types of documents are open to manipulation through digital scanning, editing and printing. By way of example, a prospective employee may hold an academic transcript issued by a university – that transcript could be easily manipulated to display achievement beyond what was actually attained using software such as Photoshop, high resolution scanners and digital printing. When presenting the academic transcript, the employer has no way to confirm the validity of the document other than through university enquiries.

VeriDoc Global works with its customers, the document issuers and users, to embed a unique QR code into the original document. Using VeriDoc Global’s Certifying Algorithm, a unique hash value (the document’s DNA) is then generated for that document and stored within a blockchain. In the example above, the document containing a QR code is issued by the university to the student. An employer can then scan the document using any QR code reading app on a mobile device or computer. By visual inspection, the employer can then compare the untampered original with the paper document and easily identify any changes and confirm the validity of the document.

Executive Summary

VeriDoc Global is a multinational technology company and provides anti-fraud document verification solutions using blockchain and smart contracts. These solutions ensure that a user is looking at a true and correct document created by the issuer. VeriDoc Global has developed an application to provide fast and cost-effective services with patented digital security and Quick Response (QR) Code technologies.Proof of original documents (as created by a document originator such as a bank, university or law firm) have typically been undertaken manually through sealing or certifying. These documents are presented in an original or certified format physically or through a digital copy when required for proof. A digital copy can be locked by various methods, however there is no way, using existing methods, to prove the digitised original has not been manipulated. These methods are therefore not 100% secure.VeriDoc Global has created a new process and solution to prove validity of an original document by providing access to a digital version of the original document in a 100% secure and tamperproof way.The trend towards a paperless office has grown rapidly, however, there is still a need for certain types of documents to be communicated in a physical form. For example, legal documents, government-issued certificates (such as birth certificates, driving licenses and passports), insurance documents, academic transcripts or property contracts, all need to remain in a physical form.Unfortunately, with advances in modern technology, these types of documents are open to manipulation through digital scanning, editing and printing. By way of example, a prospective employee may hold an academic transcript issued by a university -that transcript could be easily manipulated to display achievement beyond what was actually attained using software such as Photoshop, high resolution scanners and digital printing. When presenting the academic transcript, the employer has no way to confirm the validity of the document other than through university enquiries.VeriDoc Global works with its customers, the document issuers and users, to embed a unique QR code into the original document. Using VeriDoc Global’s Certifying Algorithm, a unique hash value (the document’s DNA) is then generated for that document and stored within a blockchain. In the example above, the document containing a QR code is issued by the university to the student. An employer can then scan the document using any QR code reading app on a mobile device or computer. By visual inspection, the employer can then compare the untampered original with the paper document and easily identify any changes and confirm the validity of the document.

Problem

There are many documents that we take for granted every day that are subject to document fraud.Graduation certificates, mortgage documents, legal documents, employment contracts, medical certificates and insurance contracts are just some examples of documents caught up in fraudulent activity around the world each year.Fake educational qualifications for example have been linked to deaths when people have been put at risk under the care of unqualified doctors and surgeons. Insurance claims have been turned down with no avenue for the client to verify that their insurance policy hasn’t been changed over time without proper notice. Let’s look at some other examples:PassportsFake passports have been linked to espionage, people smuggling, drug trafficking, identity theft and a range of other criminal activities.On May 10th of 2018, United States officials uncovered a fraud scheme that allowed foreigners to enter the United States under false identities. It was discovered that around 700 people fraudulently obtained authentic Hungarian passports and assumed the identities of the original passport holders.

IDs

Fake IDs have been linked to identity theft, bank fraud, social security fraud, illegal purchase of goods and a range of other criminal activities.On March 22nd of 2018, a man in the United States used a fake ID to steal a Porsche from a car dealership.

Land Titles

For some countries, land deed registries are still paper-based and are unreliable in terms of accuracy and security. There have even been reports that in some countries, land records officials have been complicit in illegal land grabs.Until recently, proof of original documents has typically been undertaken manually through sealing or certifying. With advances in modern technology, documents are open to manipulation through modern software such as Photoshop, high resolution scanners and digital printing.VeriDoc Global believes everyone has at some stage questioned the authenticity of a document, whether it be a utility bill, mobile phone bill, university transcript, bank statement, official letter, license or group certificate. Until now there was no simple way of accurately checking a document.

Solution

VeriDoc Global is a web application and QR code identification system that performs document integrity verification using certifying algorithms and blockchain technology. Its primary use case is to verify document authenticity to ensure you are always looking at a true and correct copy of a document original.For document producers, a document is securely transmitted to VeriDoc Global prior to printing and distributing. VeriDoc Global generates a unique QR code and places the QR code inside of the document. VeriDoc Global’s certifying algorithm is then applied to a PDF of the document which generates a unique hash value (the document’s DNA). The unique hash value is then placed on the blockchain network as a ‘public trust anchor’ to permanently store document information. Metadata can also be added to the blockchain depending on customer requirements. For document verifiers, the physical document can be scanned using any QR code reader. On scanning the QR code, the user is redirected to a secure VeriDoc Global webpage where they can validate the authenticity of the document by visual inspection. The user may also wish to visit the blockchain and verify that the unique hash value is identical.

Why Blockchain?

Until recently, everything was run on centralized systems. Our money is stored in a bank, our data is stored on our computer or on a third-party server like Google Drive or iCloud. If someone wanted to steal your money or edit your data, they would only have to target a single location. This represents a centralized system.Blockchain is a decentralized system. Security is now shared across millions of computers and locations. To edit the same data, you would need to target millions of computers all at the same time. To make this harder, a new block is added to the Ethereum blockchain every 10-20 seconds, which means you would need to hack millions of computers collectively in a 10 second window. If this was even possible, it hasbeen estimated that the power required to attempt this is equivalent to ten New York Cities.

Multichain Solution

At the time of writing, VeriDoc Global has released a working solution on the Ethereum mainnet and a working solution on the Bitcoin testnet.VeriDoc Global aims to give document issuers as many options as possible including the ability to utilise several public and private blockchain networks. Users will be able to create document records on as little as one blockchain network or can choose tocreate document records on multiple chains simultaneously. This will provide versatility to users as well as future proof their verification data.

VeriDoc Global Token (VDG)

The VDG token is an ERC20 digital cryptographic utility token issued by VeriDoc Global. VDG is necessary to pay for transaction costs on the blockchain network when protecting an original document. Verifying a document is free and can be done so anytime using a web-enabled camera without the need to purchase or own any VDG tokens.In addition to this, VDG tokens will be listed on popular cryptocurrency exchanges where they can be traded freely. The more industries that adopt the VeriDoc Global solution to solve their verification problems, the greater the demand will be for VDG.Other benefits of the token model include paying for blockchain fees easier across a multichain protocol.Document issuers will not need to pay for blockchain fees in the native cryptocurrency, e.g. BTC for Bitcoin, ETH for Ethereum, XLM for Stellar Lumens, ADA for Cardano, etc. They can simply pay using a single utility token, VDG.

Total Supply

There is a total supply of 50,000,000,000 VDG tokens. At first glance this may seem like a lot however the size of the document industry needs to be taken into consideration. If a nation decides to utilise the VeriDoc Global protocol for every passport and driver’s licence in the country, this could tie up a substantial amount of VDG tokens while they work through the document creation process. As such, it is important that there are enough VDG tokens in circulation to allow the VeriDoc Global system to perform as required and remain useable by everyone.

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