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With the inception of blockchain and the development of cryptocurrencies like Bitcoin, the crypto industry garnered huge popularity and soon earned a huge amount of investment from individuals as well as multi-national corporations and government organizations as well. Many blockchain network organizations soon started realizing the potential which the network held within it and started implementing it for other purposes such as decentralized cloud storage and online entertainment services. But the development of Civic marked blockchain technology’s entrance in the identity verification platform.
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Unlike mainstream cryptocurrencies like Bitcoin and Ethereum, Civic has unique abilities that it provides to its users other than being a cryptocurrency that can be traded. Civic is mainly an identity verification platform that helps in reducing the time-consuming process of document verification by verifying the user directly where the verification is accepted. Since the platform operates on a blockchain network, the platform is highly secure and the chances of data theft occurring are practically negligible. The whole platform also has its own inbuilt cryptocurrency named Civic Token(CVC)is an ERC20 token which is based on the Ethereum blockchain network and is primarily used during the identity verification process. It can be stored in any wallet that supports Ethereum. The platform has created an ecosystem in which individuals can create their own virtual identity and safely store all their personal information in it for a significantly less amount of fee. Through these virtual identities, users can access services without going through the extensive background check every time from scratch, thus saving a huge amount of time. The CEO of the Civic platform is a South African entrepreneur named Vinny Lingham who had worked in the e-commerce sector for a decade, while the driving force behind the project is the CTO Jonathan Smith and his team of 50 highly trained technicians which help in keeping the platform free of bugs and issues and keep updating it to include new features.