The Civic ecosystem simplifies identity verification (IDV) services using blockchain by verifying user identities and detecting fraud in a hassle-free and less complex manner. Civic has used blockchain-based solutions to elevate the quality of services for existing products, namely the Civic Secure Identity Platform (SIP) successfully. Previously, the verification of user background needed the involvement of third-party services as a mandatory step, but with Civic's new blockchain-based approach, the involvement of third-party auditors can be minimal. In fact, the blockchain-based approach ensures zero human errors by eliminating the need to share confidential data over and over again amongst different audit agencies. Civic aims to make it challenging for fraudulent activities to proliferate or seeks to reduce breaches within the ecosystem.
To elevate customer experience, the Civic platform has introduced various smart contracts, a utility token named CVC, and various secure software applications within its platform. Moreover, the Civic ecosystem lets two different parties be involved in simplified identity verification processes, namely the "Users" and the "Validators." Validators are institutions that need to verify IDs of the Users (comprising either individuals or associated businesses) . The Validators give approval for the verified User data on the Civic ecosystem. This process simplifies the validation for real User IDs within the blockchain. Other external agencies can simply go ahead and use the already validated data, rather than going through the validation audit process once again. Smart Contracts on the Civic ecosystem are leveraged to properly validate the User IDs, thus leaving no space for repetitive human involvement.
The CVC token on the Civic ecosystem is used to support transactions related to services offered by the platform. It is an ERC20 standard token facilitating payments for smart contract commands and maintaining the blockchain that backs up the Civic platform. Besides, CVC tokens are coming up with different new use cases to make the platform more efficient.