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📍 Business Use Cases
Since its inception in 2008, cryptocurrency has changed dramatically in many sectors. With innovations like this come influential regulatory rules that govern how cryptocurrency is viewed and managed in different countries. Thus, different laws have been developed to create different regulatory systems around the world in all kinds of developed and emerging markets.
The purpose of DeFi is to open another department of democracy for financial services to everyone without the needs of having to go through intermediaries. However, we must always keep our technology safe without going beyond what you need and create a threat to society as a whole. At the end of the day, people enjoy the benefits of a stable and secure environment.
The lack of Digital Identities, KYC & KYB standards is causing the two major problems of Decentralized Finance. Having no record over who your customers are and whether they are worth the company's trust results in highly over collateralised loans.
As we are moving forwards we see that Government Regulations are coming closer and closer, therefore DeFi platforms would not be able to function without having information over their clients. Digital Identities will be inevitable and Vulos is aiming to give people self-sovereignty over their data, taking DeFi to another level.
Client verification plays a significant role in both Centralized & Decentralized Exchanges, especially with the rising interest of regulators. Digital Identities and KYC/KYB standards give a high level of assurance to all the parties that are participating in a certain fund pool and eliminate the risk of financial frauds.
Cryptocurrency exchanges are not using any high-level verification systems because they are very time-consuming and not automated with Artificial Intelligence and the high costs of KYC integration to their platforms.
Vulos Digital Identity service overcomes these obstacles and will be the main component of this ecosystem. It represents a set of digital records and serves as a root Certificate Authority (CA) which issues X.509 digital certificates. The Digital Identity will be held secure in our private, permission-based blockchain where the users have the ability to control who has access to their personal data.
Trading in accordance with all laws and regulations based on their location reduces the chances of cyber attacks. It is time for all exchanges to see that the compatibility of KYC, AML and CFT is necessary and helps the exchange gain the trust of their users.
Both individuals and insurance companies can benefit from the use of the blockchain-based network, especially in the transparency of sharing data. Vulos.io blockchain platform with all its services can solve several problems and benefit both parties involved:
- Shorten the application process for the new customer by sharing KYC information easier on the same blockchain network
- No risk for duplicate claim records
- Validation and verification for the digital identity of a company or an individual from multiple participants in the blockchain network (notaries, insurance companies, Government organizations)
- Automated application and verification processes
- Fraud deterrence with the use of AI, smart contracts, and the blockchain network by requesting validation of customer info from multiple sources
- Trust and Transparency for shared data by all parties (individuals and insurance companies)
- Reward for each document processing in Trust score points and Vulos tokens that can be exchanged for Vulos.io services
The applicability of the blockchain technology that Vulos.io uses is enormous in different uses and scenarios, whether that involves pharmaceuticals and participants in their supply chain, healthcare providers or patients. Depending on the services we offer, different parties’ benefits vary:
- Safe and secure drugs production records
- Drug traceability down the supply chain
- Proof of existence of clinical trials data, such as trial protocols, biological records, ICF’s (Informed Consent Forms), etc.
- Proof of identity (Digital ID) for all parties involved that sign, modify and verify sensitive data on the blockchain (Digital Certificate)
- Secure and permission-based access to sensitive data
- Easier, faster, and secure sharing of data between healthcare providers, pharmacies, pharmaceuticals, patients and etc.
- Real-time communication when ad -hoc response is required
- Audit trail of all records at any moment allowing compliance with HIPAA standards
- Customization of document templates used in collecting data
- Automation of processes with custom-defined workflows
- Trust score point and Vulos tokens that can be used for paying Vulos.io services
All the participants in the supply chain, starting from manufacturers, transporters, wholesalers, and retailers, can benefit from having a single solution that will solve many of their problems and can help them access and find everything in one place. Vulos.io platform can help them with:
- Records keeping about products and product traceability of how they move within the supply chain
- Custom, reusable document templates for freight bills, bills of lading, FOB terms of sales, etc.
- Verification of procedure compliance by auditing how procedures were completed
- Easy Intellectual Property Management in Production Development
- Real-time communication with appropriate parties
- Reduced quality control reporting & processing time
- Proof of identities for supply chain personnel for more rigorous vendor accountability (Digital ID’s)
- Automated processes for signing and document filling
Existing legal services workflows are more paper-intensive, including long and manual processing of documentation that is subject to multiple human errors and the possibility of loss. This fact makes these processes ineffective and inefficient. With the use of the Vulos.io blockchain platform, you can automate many of the processes and you can secure, validate and verify any type of legal contract or agreement in digital format.
Legal companies and individuals can benefit in the following way:
- Proof of existence for contracts signed by multiple parties
- Proof of identity for all participants in the signing and notarization process
- Automated signing workflows that can be customized
- Customization of legal document templates
- Legal standards compliance
- Secure and private real-time communication with clients
- AI-based document content analysis
- Rewarded with Trust score points and Vulos tokens