Personally Identifiable Information
Personally Identifiable Information (PII) may contain direct identifiers (e.g. Passport information) that can identify a person uniquely, or quasi-identifiers (e.g. race) that can be combined with other quasi-identifiers (e.g. date of birth) to successfully recognize an individual.
PII can be both sensitive or nonsensitive. For example, say, if it is the gender or date of birth that is revealed, then it cannot be used to pinpoint to any particular person, given how many people are there born on the same day or of the same gender. This PII is not sensitive. However, information such as SSN, biometrics data, Passport & Visa No., Tax information, or multiple details in an aggregate, if revealed, can be fatal, and are called sensitive PII.
The personal identification information of an individual has grown leaps and bounds 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 Government’s RealMe, 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, timeefficient, and cost-efficient ecosystem for identity verification.
PROBLEM FACED BY CURRENT VERIFICATION SYSTEM
In the present time, identity verification is a lot of hassle. You are required to submit your ID (government authorised such as Passport, PAN Card , Voter ID, or SSN) at every junction.The IDs are submitted to the Organisation requesting the ID, and another process for verifying whether the ID is genuine or not is ensued. Both of these procedures result in substantial financial loss for both the User and the Organisation/Person who had requested the ID
People are becoming more concerned with how their privacy is protected when they share their personal information.
As people become more and more aware of the rising risk of surrendering their data, there is an increasing demand for them to want to have control over their own data;
- To know who can access this data
- To know who this data is being shared with
- To know where this data is being published.
- To know who will own the data once I share it.
About Velix.ID
Velix.ID is decentralizing the verification 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. Velix.ID plans to integrate its ecosystem across all major vertical like Cryptocurrency Trading, Real-Estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.
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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.
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THE SOLUTION
Velix.ID aims to become an ecosystem for all stakeholders in the IDV industry — by offering an open, secure, reliable and trusted blockchain smart contract that can become the base of a trust-framework subscribable by all the stakeholders; whether identity holders, verified-identity providers or the verified-identity seekers.
IDENTITY HOLDERS
All identity holders on the Velix.ID ecosystem possess a unique Identity number to which all of their data will be associated. Any individual can use Velix.ID for their identity verification. The identity holders on the Velix.ID ecosystem can ask an organization to verify their identity on the Velix.ID Blockchain. The verified identity can then be shared with any other organization through Velix.ID, however, Velix.ID will not store any of this information. All of the identity holder’s information will be kept secure with the identity holders themselves, guaranteeing their privacy.
VERIFIED-IDENTITY SEEKERS
The organizations who need an individual’s verified identity, but do not want to invest time and money in verifying the identity themselves, can use the Velix.ID ecosystem as Verified-Identity Seeker. If the identity of an individual has already been verified by an organisation, the process does not have to be repeated by other organizations to verify the same identity again. The authorization/consent of the User is, of course, mandatory for this exchange to be made between the two organizations.
VERIFIED-IDENTITY PROVIDERS
Any institution or business that engages in the process of verification of identity related
information of an individual or a business qualifies to be a Verified-identity Provider on
the Velix.ID blockchain. These can be educational organizations, banking institutions,
multinational companies, businesses or even government organizations.
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ROAD MAP
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ABOUT THE COIN
VXD tokens are the native ecosystem tokens of Velix.ID, meant to facilitate the peer-topeer
transactions of verified identities over the Velix.ID blockchain.
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