Technology
VeriDoc Global has developed a verification protocol which combines anti-fraud software with Distributed Ledger Technology (DLT).
Most systems today 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
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.
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.
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.
QR Codes and Blockchain
