Verida - Reimagining the data economy

Problem

Verida, a company aiming to give users control over their personal data, faced a significant challenge in managing crypto payments. 

Before using Request FInance, they spent a lot of time manually copying and pasting wallet addresses, and payment details just to make crypto payments. They used a company wallet to make direct transfers one-by-one, based on each of the invoices we needed to pay. 

It was a painstaking process.‍

Solution‍

Request Finance provided a structured and efficient solution to Verida's challenges. It offered a workflow to manage supplier payments, connecting them with their wallet addresses, and instilling confidence in the payment process.‍

Ryan Kris, co-founder and COO at Verida, uses Request Finance the most, predominantly to pay suppliers’ invoices for services rendered. Increasingly, he’s finding that service providers are open to receiving payment in crypto. He loves how easy it is to manage all the invoices in a single dashboard.‍

They are also exploring using Request Finance to manage salary payments in crypto, which we have been processing manually. They are especially eager to test this new feature, given that they are a remote-first company with a team of 10 full time staff spread across the globe in Singapore, Australia, US, India, Vietnam and Nigeria.

Verida also use Request Finance for managing payments to our Ambassadors around the world, as part of their Ambassador program. ‍

Time savings and efficiency: 5-10 minutes saved per invoice

‍The three of the most important gains that they have seen from using Request Finance are: 

(i) Having a single place to go where they can manage all their payments

(ii) Not having to worry about manually tracking wallet addresses for suppliers 

(iii) Request Finance’s multi-chain support for over 150 different cryptocurrencies and stablecoins gives them the flexibility to process different payment types to suppliers. They also took the opportunity to get our wallets setup for Polygon and worked with suppliers to switch as well so they could minimize gas fees on payments. 

Since using Request Finance, they’ve saved anywhere between 5-10 minutes per invoice processed. The time savings are certainly going to add up as Verida continues to grow along with the volume of payments they have to process. 

Verida needed a solution that is simple to use, with a clean interface, that provides them with a good audit trail of all the incoming and outgoing payments they make. Request Finance was that solution.

‍Ryan Kris, co-founder and COO at Verida, expressed his satisfaction about how Request Finance is helping them manage their crypto payments in a growing Web 3.0 economy.

Request gave me structure. It gave me a workflow to manage supplier payments connected to the contacts of those suppliers along with their wallet addresses. It gave me confidence knowing that I would be sending funds to a supplier's wallet address they have entered directly into their invoice. 

About Verida

If data is the new oil, then tech giants are the oil barons of our age. Just like their hydrocarbon counterparts, the barons of big data have proven to be equally prone to bad behavior. And as with oil, it is seldom the individual that profits from the data they produce. 

What’s more, people’s data is siloed across multiple applications owned by different companies. They cannot view their data in one place, easily delete or move their data, and it is rarely properly stored and kept, leaving users vulnerable to hackers. 

Verida hopes to turn the tables with its multi-chain protocol where users, not platforms control access to their personal data. In 2019, Verida created an architecture for decentralized control that is compatible with traditional database technologies. Its open-source library enables any decentralized application to be built where users can own, control, and store their data using public encryption keys. 

In June 2021, Verida closed its seed round of $3 Million to accelerate the growth of the Verida protocol, and its community of developers working to build apps for a Web 3.0 world. In the coming year, the team has ambitious plans in its roadmap to release multiple tools for developers to easily build new applications on Verida, expand its multi-chain capabilities, enable APIs, and launch its public mainnet.

How is Verida being used in the real world today?

We recently launched the Alpha release of The Verida Protocol for Web3 developers and now have a number of projects using our software development kits (SDKs) and building on Verida. 

Primacy is a privacy-focused tech company helping customers comply with their regulatory obligations. They’re building Desca, a tool for lawyers, accountants, and other professionals providing an end-to-end blockchain-encrypted vault for sending and storing confidential documents.

MAPay is building a decentralized health technology network in Bermuda, using Verida to power decentralized identity, trusted storage, private data ownership, and decentralised messaging capabilities.

Nimble is building a new technology for the insurance industry that allows communities and members to participate in the insurance process, earn yield, control their private data, and be a part of an insurance process that provides real value to the insured.

We have more to announce in the coming year, and projects wishing to build or integrate with the protocol should check out our Early Adopter Program as we get closer to mainnet. 

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