How Verifier Will Transform Global Business Fact Checking

Digital Transformation is the idea that every business, large or small, must learn to integrate technology into their daily functioning. In fact, by the end of 2017, two-thirds of the CEOs of Global 2000 companies will have digital transformation at the center of their corporate strategy and blockchain is quickly becoming the frontrunner of emerging technologies to explore.

Whether that means increased integration of AI into content creation or the computerization of certain tasks traditionally left for humans digital transformation means increased efficiency and functioning into the 21st century.

At the core of this transformation is data and questions about how to secure it and verify it. Verification is key part of any small business or large organization. According to research by Markets and Markets, the identity and access management market will continue to grow: by 2021, it will nearly double to $14.82 billion, compared to from $8.09 billion in 2016.

From verifying if clients are being honest in their accounts of previous dealings or their accounting to the company itself being trusted for the same ideas, no small business’s relationship can grow and thrive without a reputation comparable to larger business of similar.

Their partners need to have faith in the business itself. Verification of certain financial aspects of business are vital and the certainty they are performing services as promised is crucial. On a global scale, this can mean the verification of news and major events in real-time.

While larger businesses can afford independent audits, this cost can be prohibitive to small companies. This affects the trust their parties can have in them and limit their businesses. Consistent 3rd Party verification could help improve the trust and functioning of any small business.

This is why the new technology of Verifier could transform how information is processed and approved. By creating a secure, decentralized, and democratic system of verification, the start-up could use blockchain to aid both private and public enterprises and even governments.

The Problem With Current Forms of Verification

Current modes of verification have many weaknesses that disadvantage small businesses. First, it can be expensive. Hiring independent auditors can cost thousands of dollars, something that many companies can’t afford before establishing business.

Secondly, verifications can be time-consuming. This can be especially bad for small businesses who need to established secure and trusted relationships with clients. The wait for small businesses, who are competing with larger more established reputations. The need for instant and cheap verification is a necessary part of any small business.

Conventional verification services use email or other insecure modes of communication to transfer confidential data. These are often insecure and their reliance on centralized servers leave them vulnerable.

For these many reasons, there is a barrier for small businesses to building trust. The ability to clients to easily and quickly verify that their services is key to building a customer base. This is where blockchain can be used by small businesses to help transform their businesses.

Why Verifier is The Solution

This is why Verifier could be the affordable blockchain based tool for digital transformation using both B2B and P2P solutions. Robust in nature, Verifier can be applied to many industries including financial services, logistics and transport, ecommerce and more.

Verifier works by connecting those who need verification with “agents,” or those who would be willing to go confirm whatever the Verifier user, whether that is the business or their client requests.

Guaranteeing an active and effective market for agents willing to carry out the service is the exchange of Verifier’s native crypto token, Verifier tokens in exchange for confirmation This instant and efficient payment can then be exchanged on any crypto market in exchange for Bitcoin or Ethereum.

Even better for those in need of verification — users can commission multiple agents at once, meaning there is a type of insurance for any request.

The scenarios where Verifier could help organizations are numerous, while being affordable, quick, and secure. Services that used to cost into the hundreds of thousands of dollars could be crowdsourced for a fraction of the price.

Verifier’s Founder, Dmitry Nazarov explains, “Everytime when technologies allowed to shorten a transaction cycle or decrease transactional costs, that followed to a major economic growth. I believe that our protocol Proof of Witness is the basis for future growth in the era of digital transformation in different industries, including fintech, retail, insurance etc.”

Real Life Use Cases Already in Action

For example, when a small business is buying products online, a seller might not have put the exact product you’ve ordered or might have put a product of poor quality into the package. If one can’t receive the package personally, how to do ensure that you’ve received the right order?

Additionally, in signing a contract, the signature and identities of the signing persons and the date of signing must be verified. Notarization can be expensive, costly and slow. Verifier would allow small businesses to instantly and cheaply utilize those services for much less.

Digital transformation is an inescapable part of a functioning business into the future. The ability to easily integrate technology into functioning. The global reach, decentralization, and anonymity provided to both agents and clients can

Verifier has a chance not only to transform verification, but to use blockchain to alter small businesses for the better. This could mean that blockchain and its typical uses no longer have to be confined to stores of value. Verifier’s unique use of human agents as “nodes” of a sort could alter the way people see the possibilities of blockchain.

A technology like Verifier would be a destabilizing force for many industries for the best reason. Innovators of blockchain would alter how they view the definition of value-added, and innovators of other technologies would see how blockchain’s qualities can positively contribute to any service. Verifier could inspire a new generation of innovators across the board. How do you see Verifier’s strengths altering the tech sector?

Disclosure:

The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.

Disclaimer:

This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.

How Verifier Will Transform Global Business Fact Checking was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.