These days I find myself to be filling out a lot of forms and some of them are the dreaded KYC forms. You never know whom you are giving your private information out to, Trump maybe?. These days even free tokens are asking for KYC. If you're in the cryptocurrency business or if you're a bounty hunter or if you're a small-time investor then you have to fill out a lot of KYC forms. This gets very repetitive very quickly and I am thinking couldn’t we have some kind of a machine, a computer or an AI to fill this out? We are not savages are we, filling out forms manually? What year is this, 2005? :) However, the trouble with a computer or an AI filling out this information is that malicious people or programs can get a hold of your private information. Since you are filling out very important information such as your ID, your passport number, your utility bill etc., it is very dangerous if the system is insecure even a tiny little bit. If the system is very secure and malicious people could be prevented by very expensive measures, how will you be sure that you can trust the company that you're giving your information out to? We all know what happened with Facebook and how they gave people's information to another company and they just lost the control of it. The good thing about blockchain is that it is decentralized and you do not have to trust any company to keep your private information safe. As long as you have your private key you can keep your information secure and that will be the end of it. Blockchain technology works with a Public Ledger which is anonymous and it cannot be hacked. Information on this Public Ledger cannot be recovered even if couple of computers mining is hacked because the information is fragmented, it is not all in one place. Hacking some computers will not reveal the whole of the information to any malicious people or program. Velix.ID came up with this idea of entering sensitive information to the blockchain only once, and it is used many times over by different institutions, provided that they pay you with their tokens. Though there are similar platforms such as Civic, working right now, Velix.ID is superior to them due to low information liability and larger market size. This page compares them to the other, existing solutions: https://www.velix.id/compare.html

Here is a very clear video explaining how this platform works:

Any Institution requesting your private information will need to pay you VXD tokens to purchase that information. And you actually get to make money by giving off your information to the requesting Institution. This way you do not have to fill out every KYC form on the planet. You do it only once and for those that you are asked to fill out, you can make some money in the form of the VXD tokens. As stated in the Velix.ID website, “ Current Methods of Identity Verification are too slow and inefficient for both consumers and businesses — taking the cost of verifying identities to near $100 billion a year.” This means that any institution that needs to verify your identity will gladly pay these tokens to get their hands on the information and they can only use it once for their own company. If any other company or institution wants to get their hands on your private information they have to pay these tokens again. Because you are verified once, you do not have to go through the same process again and verification could be as fast as one minute.

Velix team has some use cases on their website and they include getting an internet connection or getting a landline telephone connection. You have to go through a lot of hoops to get these connections and their website nicely summarizes what can be done about all the red tape. Another obvious use given on their website is signing on a website. This is very obvious and it is the first thing that comes to my mind when I think about this platform, in addition to KYC forms. The platform can definitely be used in human resources or in rental agreements. When you're hiring somebody you want their details and you want those details to be correct. You can use this platform to request information on the people who applied for the position you advertised. Of course, you need your applicants' permission to get their information. the same thing is correct for rental agreements. If you're renting your house or an office building you want to know if the person you are releasing your property has been paying their taxes, or utility bills or the most important, their rent. If someone has not been paying their rent before, then he or she will definitely not be paying your rent as well. So it is important to get a hold of this information ahead of time. There are more use cases on the website such as Hotel check-out, e-commerce checkout and access to an office building. For further reading on the use cases, please visit this link: https://www.velix.id/use-case.html

Their website: https://www.velix.id/

Twitter: https://twitter.com/VelixId

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