The personal identification Information of an individual has grown leaps and bound In the last three decades, but the methods of verification have not quite caught up. While recent innovations like the United Nation's ID 2020 initiative, New Zealand Govt.'s RealMe, and Sweden's BankID and Indian Government's AADHAAR Card are attempts at simplifying this process; they all lack in protecting the privacy of the concerned individual. The primary reason why a disruption in the identity-verification (IDV) space has not yet happened is the lack of a tested/proven trust-framework on which all institutions, globally, can rely on for sharing the costs and liability of identity verification. Velix.ID aims at bridging this gap by building a universal, obscure, transparent, decentralized, time-efficient, and cost-efficient ecosystem for Identity verification.
- Time Consumption
Current process of identity verification can take from days to weeks to months; depleting resources otherwise capable of generating revenue.
Data stored in centralized locations are vulnerable to multiple and mass data breaches & risk exposing the identity of the user.
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 fincancial cost to the businesses.