Business Introduces Blockchain Communication System to Counteract Business-to-Business Fraudulent Activities

South African B2B Communications Platform VERA Embraces Blockchain to Combat Fraud

South Africa-based B2B communications platform VERA is set to revolutionize digital trust within professional correspondence by implementing blockchain technology. The platform, which is currently in its beta testing phase, aims to launch its full platform by the end of August, according to an article.

VERA's initiative focuses on introducing verifiable identities into its secure messaging service. This move is a response to the growing vulnerability of the communication sector, particularly B2B interactions, to impersonation and cyberattacks. An estimated 3.4 billion fraudulent emails are sent daily, making secure and reliable identification crucial.

Invoice manipulation is a recurring issue that affects not only VERA but numerous organizations globally. By adopting blockchain-based digital identities, the platform aims to set a new benchmark for secure business messaging and reduce the occurrence of scams like fake invoices, a common fraud technique that targets companies across industries.

The identities created through VERA's system are tamper-proof, ensuring a scalable solution that balances privacy with the need for authentication. This privacy-focused design, combined with scalable verification, is particularly beneficial in regions with high phishing and scam incidents, such as the African continent, which was identified as a high-risk region for cyberattacks in the first quarter of 2023.

The identity system developed by VERA is designed to provide instantaneous verification of participants in any communication exchange. Each verified user on the platform will receive a digital identity that is immutably recorded on the blockchain. This verification system supports a sustainable identity management mechanism that can be continuously validated.

The identity management component of VERA's platform will be managed by cheqd, a credential service known for its privacy-preserving digital ID solutions. Executives from cheqd have expressed support for VERA's direction, stating that verified identities can significantly limit exposure to fraudulent billing and communication schemes.

The broader adoption of decentralized identity systems within professional ecosystems is marked by VERA's implementation. Future expansion markets for VERA include the European Union, the United States, and the United Kingdom. The initiative by VERA underscores the growing demand for security-focused digital tools in business communications.

Despite extensive research, the founder(s) of VERA remain unidentified in the available search results. Nonetheless, the platform's innovative approach to combating fraud and enhancing digital trust in business communications is a significant step forward in the industry.

Business Introduces Blockchain Communication System to Counteract Business-to-Business Fraudulent Activities