V-ID, Data Integrity Verified is a Dutch company that uses blockchain technology to secure digital files from tampering, protecting companies from digital fraud. Companies can easily use V-ID through their portal, either manually or automated using APIs.
V-ID currently has about 40 active customers, including Airbus, AmSpec and Nijenrode. Last month, some 120,000 documents were secured using VIDT. The company has multiple use cases, such as protecting the authenticity of diplomas, measurement certificates and reports, invoices and contracts, construction reports and sensor data.
In simple terms, a customer validates a file to store a fingerprint/stamp of it in the blockchain. The file can later be verified – and compared to the original file. So this can be done manually or automatically. If something has changed, the system will indicate this. This method can be used for files such as PDFs (invoices, contracts) but also for security images, database archives, audit trails, tracking data and even with physical objects such as a painting by Rembrandt.
For the Internet of Environments project, several parties such as IBM, LTO Network, Factorylab are currently working on validating environmental data. IBM funded the project and chose the technology of VIDT Datalink.
There is a nice video of the teams together placing the first sensor on the roof of the IBM Headquarters in Amsterdam. This project is currently being scaled up using ‘Corona Safety Indicators’ that analyze the air quality of rooms.
This review of VIDT Datalink – VIDT was created for informational purposes. This article is not intended for promotion.
V-ID has a joint project with FTM securing documents, such as certificates and medical records, for governments in the Middle East, including in Afghanistan. In our opinion, this is a true example of adoption of the services V-ID offers. The project will begin in full once the lockdown is complete. We have been told that it has potential to scale up to other countries. We expect more news and announcements on this soon.
Earlier this year, V-ID unveiled a platform called VIDT Datalink. In that platform, data from any publishing platform and cloud service can be seamlessly anchored to multiple blockchains. We are currently waiting for a full white paper with all the details regarding this platform. IBM Cloud is integrated into VIDT Datalink but providers such as AWS and Azure can also connect to the network.
Recently the team announced a new use case: namely NFTs (with a new token, VIDTC). As mentioned in other (recent) articles, NFTs are a great development within blockchain technology. VIDT has the connections and technology to become a major player within this industry. The focus here is currently on 3 things: luxury goods, company shares and social privileges. The first NFT was issued for a 1956 Rolex Milgauss in partnership with Amsterdam Vintage Watches. It also looks like V-ID will become the first company to get legal permission to issue NFTs for company shares. The team is working with Firm24, a company that has founded 30,000 Dutch companies using their online platform.
A number of case studies of V-ID can be found here.
Recently, VIDT was listed on Binance. This was a huge achievement by the team and further contributes to the adoption and growth of V-ID. VIDT is additionally available for sale on Kucoin, Idex and Uniswap. V-ID is gaining momentum and the number of customers is increasing rapidly. The team is already a year ahead of their original schedule.
VIDT enables validations. Each time a validation is performed within the network it is paid for with VIDT. This records all the necessary details to find out the file type, validation location, timestamp and identity of the validator. VIDT simplifies the payment of dynamic transaction fees on multiple blockchains and provides transparency as all transactions can be viewed on the live Dashboard.
The token is thus used across the ecosystem. Customers pay in euros/dollars and do not have to do anything difficult with cryptocurrencies themselves. Some customers have never even used blockchain. Customers buy bundles of VIDT tokens that are sent to their wallets. These are then used behind the scenes as clients drag/ drop files or – more commonly – validate and verify files using APIs
VIDT tokens used from client portfolios are sent to the validation wallet. Each month, 20% of the VIDT used for validations is burned and 10% is bought back from the open market (exchanges) at random times during the month. This supplements the main portfolio that VIDT sends to the client’s portfolios. With this, VIDT’s supply is getting smaller and smaller (for example, last month 91.5k tokens were burned) while there is always a slight buying pressure from buybacks (last month 45k tokens were bought from the open market). These transactions can all be viewed within the dashboard as well.
I came across V-ID by chance after looking for crypto companies that actually solve a problem and bring added value to contemporary life. In early January, I had the opportunity to speak with the CEO and co-founder (Marnix) and lead business developer (Joshua) via a zoom meeting. During this meeting, I asked several questions that I still had after my research. These questions were answered and explained so impressively that I was immediately convinced.
After this meeting I immediately visited the community and it struck me how active their community was, while at the time it was still a fairly small community. A community that dared to dream out loud and that was convinced (just like me) of the success of VIDT.
Currently I am in the graduation year of international finance & control at Avans University of Applied Science. During my studies, modules are covered that have a lot to do with VIDT, such as auditing. The first module I had to deal with was the ENRON case, which immediately made me think of how VIDT could play a role in this.
V-ID is a company with enormous growth potential. With the VIDT Datalink technology, many billions in damages can be prevented each year. To date, V-ID alone has over 40 customers using their service. However, the team is also actively looking for other companies to bring the VIDT Datalink technique to the market. The potential seems endless.
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