Hackathon Winner VerifyID at F50 Synergy Blockchain Summit

Transcript:

Let me type this into a credit bureau system and also a tour legacy KYC system and unfortunately i don’t seem to be able to verify your information might you have any other major heavy let me think we have a new variety system so you are actually open that the Congress dejected event you I think we can use an information and you also perfect I think I could also systems into a great fire ready very funny use the information from a thief is very high five let me see who is young acti supervision huh she tiny I already know what it is reliable information I know where you live when a non signed up with PG&E I validated his address with sheriff iid now I make passive income every time another gun Rises information catchy you know what they make a possibly already different network let’s debate a verify case you wanted a status in the celery here’s a papaya me give you permission you know what poster employer and Kim G have very much information we can start one second is not all that you get as a notary I also have notarized your visit though driver’s license and you can use the e-verification anywhere that you open a new account congratulations thank you so much variety for company and DJ me or give me the information to be well welcome to the validator networking thank you so here you can see that what we are really solving is that different information pieces as a part of they belong together that’s what we’re value they are all been off together your for them for your driver’s license email address address your picture driver’s license picture ID all of them belong together that’s what we eradicated that’s why we’re actually changing the business model everybody right now is contributing to credit bureaus and KYC system who is benefiting from this kyc systems and cable business credit bureaus now we are changing the incentive we’re actually providing the incentive we are providing the incentive whenever change very wise they actually for the verification so now they just come in and say I have valid information I can validate you that’s what they’re doing they’re changing the king of this valuation in no time so this is cam I see really a new problem no it’s now this b.pepper there are companies that are big hundred sixty billion dollar funding for very long they are how many in the business but what differentiates us is that we do not we do not store any that means Jesus criminy relax happy that they never happened never store information about the second one okay let’s look at just the KYC economics perspective if we can get just the five percent of the addressable market and kyc and we charge of the 99 cents per validation which usually cost 99 cents today they are slashing the cost by 10 times by doing that just do it alone we gonna be making six million dollars revenue per year in the first year of all so so what you have seen before is that where it’s centralizing all evaluators but we don’t want to make every validate of the same so we want invest in value later right think of just like Google ranking Google page ranking we want incentivize the best violinist you want to be there for one that’s more evaluators des new markets educational magnification organic certification verification indication the economics with this platform we can see so that typically show about them so he can be here with everything there but it’s just other principles that we do at the hackathon so one good for example could the client information such as the name address and then push that information into the blockchain where it’s actually Porsche is a hash information and then going from the quickfires point which is Chase Bank for this case they will put a semi for patient there and then push that into the blockchain to check to see whether that it can be verified and we did this over the weekend and have you put into that builders network and to verify the information so they think they see that we want to be sure you understand there’s an information flow from the validator into the above chain and then blockchain to the verifier here so team I come from a big tech background I know my background is physics material science the last four or five years of data science and blockchain smart contracts my backgrounds have an echo in here and also a contract about her I mean basically doing scalable distributed systems.

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