It’s been a while since we gave an update on our progress because we have been heads-down working on development of the tech, building partnerships, and fundraising. All of that hard work has been paying off though, and we are excited to share how it is going publicly!
As we have progressed, many use cases for our technology have emerged, but we have remained focused on the core idea behind Veriglif: fundamentally we are supply chain management and transactional processing network for personal data with four key benefits:
From a development standpoint that has led us to break the race towards our market-ready product into 2 phases:
Phase 1: Validate and Link
Phase 2: Inventory and Transact
This has allowed us to focus on getting the technology right and architecting the platform infrastructure to ensure it can handle massive and rapid scaling out of the gate. We’ve made massive strides.
Update 1: Release of the Phase 1 MVP
And that leads to our first major update: we are currently piloting a manual version of the Validation/Linkage components of the platform with our partners! These companies are all signed up to test the system using their data assets:
Here are some screenshots of the Validation/Linkage interfaces in action:
Figure 1: Veriglif Manual Data Loader Application
Figure 2: Veriglif Supplier Administration Dashboard
Figure 3: Veriglif Identity Graph Detail Fields
Figure 4: Veriglif Identity Graph
Figures 1 – 4 are focused on showing the mass ingestion of data and then the validation of individual level data to create the individual identity graph. This is the data record created on the Hyperledger platform which unlocks all of the power of transparency, traceability, and permissioning at the individual level.
Figure 5 shows what the full data graph is like when all of the data points are linked to create a comprehensive inventory of all available individual data assets.
Figure 5: Full Veriglif Data Graph
The APIs are built and ready for integration, but for simplicity during the pilot phase we are using a manual upload utility linked to the cloud infrastructure. As we move into rolling out the Inventory and Transactional system and full API functionality later this year, we will be working with all partners on that integration.
We anticipate wrapping the Phase 1 pilot in the next month as we stress test the platform and then moving into development of Phase 2 for the remainder of the year. That should be a fairly straightforward process since part of our tech stack is utilizing existing partner technology.
All in all, at this point we should have the fully functioning MVP platform in commercial operation in early Q1 2020!
While we are working with partners on beta testing the platform, we are also exploring several pilots with global brands, which is very exciting indeed! The enthusiasm we are finding from all key stakeholders in the data ecosystem has been humbling and exciting, and we are deeply appreciative of the engagement.
Update 2: Funding Update
And that brings us to our second exciting update. We’re excited to announce that we have raised $623,842 from nearly 100 investors since our founding last year, including $223,842
Via crowdfunding on WeFunder, blowing way past our initial $60,000 goal!
For several weeks during this raise, Veriglif has been the #1 performing crowd sourcing investment in the U.S., with individual investors associated with IBM, Google and Cisco placing money with Veriglif.
We’ll be closing the WeFunder crowdfunding campaign in October, but there is still time to join in; if you would like to get involved here is a link - https://wefunder.com/veriglif
Update 3: Defining our Value Proposition
And finally, on our update list is work we’ve done to define why partners should engage with us. Although we have always been clear on what Veriglif does, we haven’t always been as clear on the value to network partners. The development of the model has been driven by why partners should engage because of the value we can deliver, but defining what that value is has been hard to nail down in a concise list. We think we cracked the code though, as we embark on the new phase of building the network.
Through all of our research, ideation, networking, and testing we believe that the core value proposition of what we offer network partners boils down to:
The promise to our network partners is that we only win if they win. We don’t own direct relationships with the two critical stakeholders in the data ecosystem: data producers (consumers) and data buyers (brands/agencies). Since no PII is EVER stored on the Veriglif network (only hashed identifiers needed for validation), our partners can rest assured that their most valuable asset (consumer relationships) will always be in their complete control.
We see our role as empowering our network partners to serve both constituencies better through our white-labelled SaaS solution. We are focused on enabling a better value chain through our partners, not disrupting them. We are an infrastructure partner, and our growth is dependent on meeting their needs. Not only is our business model based on these principles, but they are baked into our foundational philosophy.
Make no mistake, we will do what we need to in order to ensure our partners are always dealt with in a way that puts their best interests first.
As you can see, we’ve been quiet for a bit because we have been hard at work on actually building the technology, our relationships, and our value proposition while securing a broad-based funding platform to support our vision. And, we have some other cool announcements coming, but we’ll save them for another time!
Our plan is to be far more communicative going forward with a mix of blog posts, updates, webinars and online chats all being scheduled in September so stay tuned for more in the weeks ahead! We'll be posting specifics for all our investors and followers to join us very soon!
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