VeriToken & Governance

What do we mean by Governance?

Governance is a set of processes for decision-making to resolve collective problems, which result in “the creation, reinforcement, or reproduction of social norms and institutions.” The institutions that manage these processes—states, markets, and corporations—are inherent to social life. We rely on government agencies, corporate boards, and other governing bodies to dictate how the frameworks for solving problems are structured, maintained, and enforced.

Governance can be broken down into multiple levels (global, non-profit, project), fields (political party, environmental, data), or models (regulatory, participatory, collaborative) to specify the scope of its authority.

The Problems with Governance

One of the problems with Governance is that it can lead to waste and inefficiency if not properly managed. This can take the form of multiple entities working on the same project, miscommunication between parties, and unnecessary amounts of paperwork. Tasks that appear simple in theory become much more complicated in practice, and at some point Governance becomes its own impediment. The more red tape constricting the problem-solving process, the longer and more expensive our goals become to accomplish.

More specifically, Governance is poorly equipped to deal with identity verification. As citizens of a governing body, we depend on essential documents to prove who we are and take actions associated with our personal, professional, and civic identities. To that effect, governments have become enormous data silos, and that data is difficult to transfer between agencies. Whether it’s property deeds, business registrations, Social Security certificates, or passports, we have to trust that the government is keeping our information accurate and secure. But essential documents can be lost, stolen, or forged, and when that happens the limits of the government’s ability to respond are revealed.

The VeriToken Solution

By giving citizens the ability to manage their own data, Veritoken returns the responsibility of identity verification to the people. Essential documents are stored on a blockchain, ensuring that one’s identity is never in question or at unnecessary risk of being compromised. In order for these documents to be stored, they must first be validated by the appropriate governing body, and once that happens they will be portable, verified, and cryptographically secured.

If someone loses her driver’s license, VeriToken allows her to replace it without a trip to the DMV. And if someone has to prove his legal residency, he can demonstrate that his passport or visa is in order. This will save people the time, money, and hassle of navigating governance processes of all shapes and sizes.

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Private Beta opens July 2019

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