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Technology
VeriDoc Global has developed a verification protocol which combines anti-fraud software with Distributed Ledger Technology (DLT).
Most systems today uses a are built on centralised networks.
This means that data is stored using a client-server configuration.
Blockchain technology uses a decentralised network configuration.
Data is replicated and stored on every machine that acts as a node in the peer-to-peer network.
The larger this network, the harder it is to hack the system. You would need to hack multiple computers at once to be able to alter or change the data, compared to a single server which can be targeted.
Immutable
Incorruptible
Self-patching
Self-scaling
No single point of failure
Unique Hash Value
The VeriDoc Protocol uses a unique hash value to verify whether a document is true and correct. Hash values can be compared to the DNA or fingerprint of a file, whereby no two hash values are the same. The original document is processed through a cryptographic algorithm and a hash value is produced which identifies the original document. If the document is modified in any way, the value of the hash will also change significantly.
Using a cryptographic algorithm means that customers are not required to store the original document on the blockchain and their information remains private.
QR Codes
QR codes are a type of matrix barcode or two-dimensional barcode. A standard QR code can hold up to 3Kb of data, compared to a standard barcode which holds less than 100 characters.
The VeriDoc Global Protocol allows users to verify whether a document is true and correct by simply scanning a QR code on the document.
Once the QR code is scanned, VeriDoc compares the unique hash value found in the QR code to the unique hash value of the original document stored on the client’s server and the blockchain.
Since the unique hash value stored in the blockchain is incorruptible and can never be modified, it lends itself as a highly trusted reference point for the verification process.
A Multi-chain Solution
VeriDoc Global leverages several different blockchains to give customers more control over their data.
The primary blockchain used by VeriDoc Global Protocol is the Ethereum network.
Ethereum is currently the second largest public blockchain in the world and is backed by the Ethereum Enterprise Alliance (EEA) which consists of over 500 members including Microsoft, IBM, Deloitte, Toyota and HP.
VeriDoc Global has since expanded into Ethereum Classic, Bitcoin and is now also looking at integrating into several private and hybrid blockchain networks. Customers can choose which blockchains they wish to store their unique hash values on and will soon have the option to leverage multiple blockchains at once.
Storage of Documents
All documents are stored on the client’s server. VeriDoc Global uses APIs to generate the unique hash value and to check whether the document on the client’s server has been changed. If the original document on the client’s server is modified in any way, the verification process will fail.
VeriDoc Global has also integrated with cloud-based systems such as Google Drive, giving customers more options for storing their personal information.
The VeriDoc Protocol only requires the unique hash value to verify whether a document is true and correct. Unless requested by the customer, the original document is never placed on the blockchain.
Blockchain Transactions
Transacting with a blockchain typically requires payment in the form of cryptocurrency. The Ethereum blockchain uses Ether which is converted to Gas to pay for transactions.
Since VeriDoc Global is a multi-chain solution, it would be impractical for customers to pay to use this solution using several different coins and tokens. Therefore, VeriDoc Global has introduced VDG, an ERC-20 token with utility characteristics to pay the required toll across several different blockchains at once.
Beyond Unique Hash Values, QR Codes and Blockchain
VeriDoc Global is currently working on adding Artificial Intelligence (AI) to the verification solution. This will allow users to view a report of all the changes made to a document. Generating a report on all changes made to a 150-page document will save companies time and money on paralegal services.
VeriDoc Global is also integrating analytics and Big Data solutions to enhance counterfeit detection and fraud. When a unique QR code used to protect a physical product is detected as having been verified
in two different locations at the same time, the system will know that one of those products is a counterfeit and that the QR code has been compromised. Using technology to stop that QR code from being verified again will potentially stop thousands of counterfeits from entering the market.