Civic (CVC) is a blockchain-based platform that aims to provide secure and efficient access to identity verification services moreCivic (CVC) is a blockchain-based platform that aims to provide secure and efficient access to identity verification services. By using Civic, users can verify their identity only once, and then use that verified identity to access various online services, such as banking, healthcare, and travel. The CVC token is the cryptocurrency used to pay for Civic services and acts as an incentive for validators who are responsible for verifying users' identities.
Some of the potential benefits of Civic include:
1. Improved security: Civic uses blockchain to store user identities securely, reducing the risk of identity theft and fraud.
2. Increased privacy: By using Civic, users have more control over their personal data and can choose to share only the necessary information with specific parties, rather than providing their full identity information to multiple companies.
3. Time and cost savings: Once a user's identity is verified on the Civic platform, they can use that verification for other services, saving time and money compared to traditional identity verification processes.
4. Potential to reduce global identity fraud: According to a report by the World Bank, more than 1.1 billion people worldwide lack a legal identity. Civic has the potential to provide a secure and efficient identity verification solution that could help address this problem.
Overall, Civic aims to provide a secure and efficient solution for user identity verification, with potential benefits for both individuals and businesses.
Sources:
- Civic website: https://www.civic.com/
- Forbes article: https://www.forbes.com/sites/madhvimavadiya/2021/02/23/how-civic-is-redefining-the-future-of-identity-verification-on-blockchain/
- World Bank report: https://www.worldbank.org/en/topic/governance/brief/identification-for-development (AI generated summary)
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