In this Director Briefing, David and Steve discuss:
- VeriDoc’s Anti-Fraud Document Verification System
- Harnessing Blockchain to Prove a Document is Accurate and Created by the Issuer
- Market Opportunities and Company Development
Financial institutions, corporates and governments spend millions of dollars each week protecting and verifying documents. Within this evolving landscape the blockchain has added a potentially disruptive element. Innovative companies have emerged focusing on new ways to verify documents and connect market places in an easier and secure fashion.
Eden Exchange recently spoke with David Wright and Steve Chant who are the joint Managing Directors of VeriDoc Limited. VeriDoc is an anti-fraud document verification system that ensures an end user is looking at a true and correct document created by the issuer.
The VeriDoc patented software application platform is a quick response verification and identification technology that integrates with organisational systems and allows blockchain encryption at a click of a mouse.
Thanks for speaking with us. Firstly, what brought you in to leadership positions at VeriDoc? Can you tell us a bit about your backgrounds and experiences?
Let’s introduce each other…David Wright joined VeriDoc as Joint Managing Director in 2016. Prior to this, he was General Manager for Great Southern Minerals based in Central Africa and has also held senior positions at Swiss Pay Trust and One Click Interactive where he operationalised the business to produce profit and improve operational efficiency.
Steve Chant also joined VeriDoc as Joint Managing Director in 2016 and is a Chartered Accountant with experience in the professional services and commerce sectors spanning more than 28 years. He has held executive management and senior finance positions over this period including high level roles at Ernst and Young. He has a well-developed professional network throughout Australia, UK, South East Asia and USA.
In simple terms, what does VeriDoc do? What triggered the idea? Why do you consider VeriDoc a “public trust anchor” and how are you different from other verification tools on the market?
VeriDoc is an anti-fraud document verification system that ensures the user is looking at a true and correct document created by the issuer.
The ‘VeriDoc’ (the document) is cryptographically signed. It is verified with a digital imprint and stored permanently on a public blockchain network. This proves that the data is unaltered and that the document is originated from the issuer. This is substantially different from other market tools that simply lock original documents.
It was our experience in business that led to the development of VeriDoc. We have all questioned the authenticity of a document, whether it be a university transcript, medical or group certificate. Up until now there was no simple way of accurately checking a document.
How will you generate revenue?
VeriDoc has already secured two software evaluation agreements that are expected to lead to full license agreements and aid in rapid commercialisation. These agreements will achieve substantial recurring revenue once rolled out. We are actively seeking channel partners and resellers for rapid speed to market and are in discussions with a number of software partners.
We are also in advanced discussions with an international law firm and an Australian based bank regarding the roll out of reference sites. The reference sites will provide controlled environments to live test the application’s back-end and front-end usability, test acceptance and refine the business model and pricing structure.
VeriDoc will earn revenue from license fees from the originators, owners and users of the verified documents.
What markets does VeriDoc focus on? Where do you expect the greatest demand for the product to be from and how has the market response been like to date?
In the first 12-months of operation VeriDoc will be focused on the educational, banking and finance and professional services sectors.
Current methods used to prove documents are not one hundred percent secure. Proof of original documents has typically been undertaken manually through sealing or certifying. When proof is required, documents are usually presented in their original or certified format physically or through a digital copy. While a digital copy can be locked by various methods, there is no way, using existing methods, to prove the digitised original has not been manipulated.
In today’s digital world, people need to check the validity of documents anywhere, anytime. They do not have the time it takes to check the validity of a transcript with an institution who may be in a different time zone or geography.
VeriDoc recently reached an agreement to trial and evaluate its applications in the on-line payments sector. The sector has a unique risk profile relating to proof of financial transactions. What are the implications of this and how important is this evaluation to the growth of the Company?
Proof of identity within the on-line payments area is critical. Financial institutions globally are constantly faced with charge backs and reversals after goods and services have been dispatched. They have to use a variety of ways to prove identity of the purchaser and the transaction.
VeriDoc is working with partners to develop a product that meets the verification requirements of this complex sector. Additionally, VeriDoc is working with its partners to provide documented proof for transactions and transfers.
What stage of development is VeriDoc in? How has this evolved since the Company was first launched?
VeriDoc Limited was incorporated in January 2016 and is headquartered in Brisbane, Australia. Over the initial period the Company has been funded by shareholders and has been building its core document security software, developing systems, developing sales materials, evolving business practices and developing sales methodologies. VeriDoc has also launched its patent pending security and verification system to the Australian market.
VeriDoc is a web application and Quick-Response Code identification system that performs document integrity verification using public-key cryptography and blockchain technology. The QR code and associated signature information in blockchain can never be altered therefore it ensures a document’s content is protected.
With experts predicting the application for this technology to grow, VeriDoc is currently targeting academic institutions, banks and government agencies.
What major industry trends do operators in your sector, especially stakeholders in the blockchain and information security sector need to be aware of? How will VeriDoc capitalise on these trends?
Identity theft and documentation fraud are evolving and becoming increasingly sophisticated. The market requires a solution to counter this trend as traditional controls that worked in the past become redundant.
We believe VeriDoc is a compelling opportunity that meets a market need for original document verification that utilises intuitive technology and the blockchain as a secure public trust anchor.
VeriDoc has installed an experienced board and management team. How important have these appointments been? What opportunities do they create for the Company and how does this help differentiate you from other startups in the FinTech and Blockchain ecosystem?
VeriDoc is the brainchild of Lindsay Maloney, a professional involved in licensing of operators of heavy equipment and machinery for the mining and construction industries.
Lindsay continues to work closely with us on the Executive Board which works alongside the VeriDoc Advisory Board whose members are Chris Evans in technology, Kirra Harris in service delivery and Paul O’Loughlin in human resources.
How do you see your product development portfolio evolving over the next year and beyond?
Document originators are the target market for the VeriDoc suite of applications. While all document originators are our potential users, those with the highest rate of document manipulation resulting in economic loss and loss of goodwill are the ones with the immediate need. The market verticals in most need of the VeriDoc application are banking and finance, education, professional services including legal, government and medical.
What are some of the key achievements you are proud of at VeriDoc? On the other hand, what challenges do you expect to face?
VeriDoc is solving a very real problem of identity theft and document falsification. Incidences of these have become so commonplace now and businesses are finding that traditional controls are no longer a sufficient safeguard to use in isolation.
A challenge will be educating the market about using the blockchain as a public trust anchor. As with any new technology, businesses are still trying to understand the significance of using the blockchain for operational and commercial applications.
Where do you see the business in 3 months and a year from now? What are your strategic priorities and what needs to be done before you can scale at a significant level?
Our overall objective is to achieve as many installations of VeriDoc, in as many industries, across as many countries as possible over the next 3 years.
VeriDoc is currently in the process of securing reference sites and commercial opportunities in our selected market verticals. Once reference sites are secured and products tested, VeriDoc will roll out direct sales teams in each market vertical.
Thanks for your time David and Steve
Thank you. We are constantly working on developing our technology to suit market sectors.
VeriDoc Limited has developed a patented web application and Quick Response Code identification system to perform document integrity verification using cryptography and blockchain technology. VeriDoc prevents document forgeries. VeriDoc positions itself in the Fintech sector and intends to build its annuity revenue stream in an aggressive way.
For further information or to register your interest in the company please call the team at Funding Strategies on +61 7 3160 2840 or via email email@example.com who are providing corporate advice to VeriDoc or click here.
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