VERA Introduces Blockchain-Based Verified Identities for Secure Business Messaging

South Africa-based B2B communications platform VERA is leveraging blockchain technology to address security challenges in business messaging. With impersonation scams and fraudulent emails on the rise, VERA announced on June 10 plans for a secure messaging platform designed to verify identities and protect businesses from scammers.

Combatting Fraudulent Emails with Blockchain Technology

Impersonation and email scams are a global issue, with an estimated 3.4 billion fraudulent emails sent daily. VERA’s solution aims to mitigate these risks by enabling businesses to verify user identities through blockchain-based credentials. Identity verification will be facilitated by the credentials service cheqd, ensuring that verified identities are tamper-proof and immutable.

“At VERA, we believe secure communication should also be verifiable. cheqd’s infrastructure allows us to not only protect conversations but to prove the identity of participants in a scalable, privacy-respecting, and future-ready way,” said Max Coleman, Co-Founder of VERA.

Once users validate their contact information, they will receive a digital identity recorded on the blockchain. This process enables instant verification and adds an additional layer of security to B2B communications, helping companies avoid common scams such as invoice manipulation fraud.

Protecting Businesses from Scams

Scams such as fake invoices have become a major threat to businesses worldwide. Fraser Edwards, Co-Founder and CEO of cheqd, emphasized the importance of verified identities in combating these attacks.

“VERA solves a genuine problem that affects every company globally: invoice manipulation fraud. Every week, we receive fraudulent invoices sent via email. VERA’s solution ensures that every company and individual on the platform are verified,” said Fraser Edwards.

Why Africa Faces Higher Risks

Cybersecurity threats are particularly prevalent in Africa. A recent report by a cybersecurity firm revealed that one in 15 organizations in Africa experienced a ransomware attempt weekly during Q1 2023. Phishing attacks also pose significant risks to businesses in the region, making secure communication solutions like VERA essential.

Launch Timeline and Expansion Plans

VERA is conducting a beta launch exclusively focused on South African companies to address the region’s heightened vulnerability to scams. The platform is expected to go live by the end of August. Following the launch, VERA plans to expand to the EU, U.S., and U.K., bringing its blockchain-powered secure messaging system to a global audience.

Key Benefits of VERA’s Blockchain-Based Messaging Solution

  • Verified Identities: Ensures all users are authenticated, reducing the risk of impersonation.
  • Immutable Records: Blockchain technology guarantees tamper-proof identity verification.
  • Enhanced Security: Protects businesses from scams like fake invoices and phishing attacks.
  • Privacy-Respecting Design: Maintains user privacy while enabling scalable verification.

As cyber threats continue to evolve, secure and verifiable communication platforms like VERA provide businesses with the tools they need to safeguard sensitive communications and reduce exposure to fraud.

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