Our Solutions
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Take a look at what's brewing in VERA's innovation hub…
Currently, our team is exploring two groundbreaking use cases within the realm of self-sovereign identity (SSI): Know Your Business (KYB) and Business-to-Business (B2B) Messaging. Our initial exploration has found the need for improved digital identity processes within South African businesses, specifically SMEs who may not have access to the necessary resources needed to protect themselves against the growing rate of cyber-related fraud attacks.
The next stage of our journey will include the design and development of a comprehensive solution that seamlessly integrates both use cases into a singular, powerful application.
Dive into the future with us as we navigate these projects, and join us in envisioning a landscape where trust, efficiency, and innovation converge to redefine the way businesses connect and thrive.
KNOW YOUR BUSINESS
In today’s rapidly expanding business landscape, South African SMEs face the dual challenges of increasing regulations and a growing threat of fraudulent activities. Seamless and trustworthy self-verification processes have become essential for fostering business growth and inclusion. However, the current abundance of paperwork required for business identity verification is still an ongoing reality for many businesses. The KYB use case will enable businesses to seamlessly establish their identity in a more accessible, reusable, secure, and trustworthy manner to both governing bodies and other interested parties.
B2B MESSAGING
According to Interpol's 2023 African Cyberthreat Assessment report, South Africa accounted for more than half of the Business Email Compromise (BEC) cases reported in the African continent (Interpol Cybersecurity Report, 2023). Furthermore, it was reported that BEC attacks have topped the list of cyber security concerns for African business leaders.
In the face of these escalating cybersecurity threats, a solution to the safeguarding of communication channels and the securing of trust on either end is becoming more and more paramount. The B2B use case explores ways in which digital identity solutions can be used to facilitate trusted communication between business entities, eliminating the threat of BEC attacks within the country. This would enable trusted invoices, bank account details, and other sensitive information to be passed between entities without the risk of account compromise or identity fraud.
FURTHER USE CASES
Our identity solutions can be catered for each of the following industries and various use cases. Please contact us if any are of interest to you or your business.
