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Review on Civic by francis fernandez

Revainrating 4 out of 5

Civic: a tool for personal data verification using blockchain technology

Civic is a platform created with the purpose of executing credential and identity verification, through the use of blockchain technology that guarantees a decentralized, reliable and open source ecosystem.
The CVC token is the driving force behind the
Token:
CVC is an ERC-20 token-type digital asset operated by the Ethereum blockchain that has a total supply of 1,000,000,000 CVCs.
The token purchase can be done on many decentralized exchanges and it can be stored in multiple Ethereum-compatible wallets or in the Civic wallet.
Utilities of use:
 It offers a service that allows the verification of identities and credentials in real time.
 Allows you to create Civic identity certificates or Civic ID to verify identity before third parties.
 It is used for the development of a trading system for the request and offer of identity validation services under a secure and reliable platform.
Functioning:
In the identity validation process, basically three actors intervene: the service requestor, the identity validator and the user to be verified.
The user submits their personal identity information to the validator through the Civic app. The validator (bank, government or other institution) through standard verification processes validates personal information and safeguards the data hashes in the blockchain. Finally, Civic or its associates encrypt the data in the blockchain in the form of data immutable.
Next, the applicant proceeds to buy the confirmed data from the validator with the user's approval, through the use of CVC tokens as a payment mechanism




Pros
  • Allows you to issue identity certificates through the Civic application
  • It allows to validate personal information and to encrypt it in an immutable way in the chain of blocks avoiding the risk of theft of real personal data.
  • It allows creating a digital economic system for the exchange of identity services in a fast, cheap and reliable way.
Cons
  • The use of the CVC cryptocurrency is restricted in many countries.