Accredify Raises $7 Million in A-Round Financing to Fund Blockchain Verification Technology

According to reports, Accredify, a blockchain verification technology solution headquartered in Singapore, announced the completion of a $7 million A-round financing, led by iGlobe Partners and SIG Venture Capital, who had previously invested in the company’s Pavilion Capital and Qualgro. Accudify utilizes the underlying use of blockchain technology to ensure the authenticity of shared or received files, prevent fraud and forgery, such as verifying fake degrees and certificates. The company can also help businesses create customer identities, wallets, or file storage on blockchain (currently mainly in Ethereum), ensuring that business data is verifiable.

Singapore’s blockchain validation technology solution, Accredify, completed $7 million A-round financing

Introduction

Accredify, a blockchain verification technology solution headquartered in Singapore, has announced the completion of a $7 million A-round financing round. The funding was led by iGlobe Partners and SIG Venture Capital, who had previously invested in the company’s Pavilion Capital and Qualgro. Accredify’s platform utilizes blockchain technology to ensure the authenticity of shared or received files, prevent fraud and forgery, and verify fake degrees and certificates. The company can also help businesses create customer identities, wallets, or file storage on blockchain, mainly in Ethereum, ensuring that business data is verifiable.

Understanding Accredify’s Verification Technology

Accredify’s system uses blockchain technology to help individuals and businesses verify the authenticity of their documents. The blockchain technology provides a secure and tamper-proof ledger, allowing individuals and businesses to retain control over their data while still being able to share it with others. The blockchain technology is also highly secure, reducing the risk of fraud and forgery.

Preventing Fraud and Forgery with Accredify

Accredify’s primary goal is to prevent fraud and forgery in the education and employment sectors. By using blockchain technology to verify the authenticity of degrees and certificates, Accredify can help prevent individuals from claiming false credentials. This type of fraud is commonplace, especially in highly competitive fields where employers are looking for individuals with specific qualifications or certifications.
Using fake credentials can also be dangerous in certain fields. For example, a person claiming to have a medical degree when they don’t could harm patients if they mistake a diagnosis or perform the wrong procedure.

Creating Customer Identities, Wallets, and File Storage on Blockchain

Accredify’s blockchain technology can also be used to create customer identities, wallets, and file storage on blockchain networks such as Ethereum. By doing so, the company can ensure that business data is verifiable, increasing transparency and trust between businesses and their customers.
This technology has the potential to transform a wide range of industries. For example, in the insurance industry, blockchain technology could be used to verify claims made by customers, reducing the risk of fraud and saving providers money.

Conclusion

Accredify’s $7 million in A-round financing is a significant milestone for the company and will allow them to continue improving their blockchain verification technology. By preventing fraud and forgery and creating customer identities and wallets on blockchain, Accredify is poised to be a game-changer in a wide variety of industries. As blockchain technology continues to mature, it will be interesting to see how companies like Accredify can leverage its unique properties to increase trust and security in our increasingly digital world.
#FAQs
1. What is blockchain verification technology?
Blockchain verification technology is a system that uses blockchain technology to verify the authenticity of data, documents, or other information.
2. How can blockchain technology prevent fraud and forgery?
Blockchain technology can help prevent fraud and forgery by providing a secure and tamper-proof ledger that allows individuals and businesses to retain control over their data while still being able to share it with others.
3. Can blockchain technology be used in industries beyond education and employment?
Yes, blockchain technology can be used in a wide variety of industries, including insurance, finance, and healthcare. By providing a secure, tamper-proof ledger, blockchain technology can help increase transparency and trust between businesses and their customers.