About VerifyUnion 

VerifyUnion is a decentralized Digital Identification and Trust Verification platform with a Social Scoring Engine. VerifyUnion encourages digital users to get verified and earn incentives in tokens (UC Coins) which can be utilized in the VerifyUnion Ecosystem.

Basic Information

Platform 

This platform will save days worth of work for all those involved in the supply chain – from Bank, Exporter, Shipping company through to Insurer, and Government agencies. Instant transactions, real-time communication and collaboration.Full provenance and immutability with a single point of truth is achieved when trading on this platform. Hyperledger Blockchain, the Blockchain technology for business, incorporates a Consensus Algorithm of Proof of Authority where all participants are known and reputable.

Cost saving

The digitised, automated trade process and documentation platform that is both secure and transparent also greatly reduces costs. No more paperwork means reduction in shipping and admin expenses. A Decentralized Digital Identification and Trust Verification platform built on Ethereum and Hyperledger Blockchain. This integrated platform allows users to safely achieve all of their Digital Identification needs.

Features

Storage 

The user’s personal storage contains all of their information which they can choose to release to requesting parties without sending it to a centralized authority; thereby maintaining the user’s full authority over any information being transferred. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

Processes

The participants can instantly access the relevant information, eliminating the multi-step AML/KYC processes currently in place. The speed and ease of accessing this information through the Blockchain platform cuts down on costs and on-boarding processes, increasing customer retention.

Technology

Blockchain is an immutable technology meaning as soon as the data is uploaded and verified, it is impossible to be manipulated, it can only be updated. All information related to a client will be visible to organizations with the appropriate permissions via a distributed, decentralized database that can be considered as a single point of truth.

Identification 

VerifyUnion VerifyUnion is a decentralized Digital Identification and Trust Verification platform with a Social Scoring Engine. VerifyUnion encourages digital users to get verified and earn incentives in tokens (UC Coins) which can be utilized in the VerifyUnion Ecosystem. VerifyUnion has developed a unique portfolio for all users, which returns a “True Value”. True Value comprises the combined values derived from verifying digital identification, social & public profiles, as well as financial details linked to the user’s unique profile. This platform allows users to provide essential information for required verification to be completed, and they can increase their portfolio True Value by providing additional data that the user and Evaluator agree upon

Applications 

ETHEREUM BLOCKCHAIN Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. USE CASE Digital Identity Management KYC & AML Solution Reducing Cost Security & Privacy THE TOKEN (UC COIN) VerifyUnion are deploying their own token which can be applied in our ecosystem. UC Coin serves as a mode of payment in the VerifyUnion platform and it is used in the reward program to pay the Evaluators and users. This is defined by Smart Contract that predefined and agreed upon by both user and Evaluator, which addressed by Consensus of VerifyUnion participants.

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