Communications platform VERA is leveraging blockchain technologies to bring verified identities to B2B messaging.
Business communication is facing significant security challenges, with impersonators running rampant. For this reason, on Tuesday, June 10, South Africa-based B2B communications platform VERA announced plans for a secure messaging platform powered by blockchain technology.
The platform, initially focused on South Africa, will allow business users to verify their identities, helping companies avoid scammers, who send an estimated 3.4 billion fraudulent emails daily. Identity verification will be handled by the credentials service cheqd.
“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 way that’s scalable, privacy-respecting, and future-ready,” said Max Coleman, Co-Founder of VERA.
Once users verify their contact information, they will receive a digital identity recorded on the blockchain. According to VERA, this will enable instant verification and ensure that the identity is tamper-proof and immutable.
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Businesses face increased risks from scammers
The secure chat platform aims to protect businesses from common scams. Fraser Edwards, Co-Founder and CEO of cheqd, pointed to fake invoices as one frequent attack vector.
“VERA solves a genuine problem which affects ourselves and every company worldwide: invoice manipulation fraud. Every week we receive invoices by email attempting to defraud us. VERA’s solution ensures that every company and individual on the platform are verified,” Fraser Edwards, cheqd.
Africa faces a particularly high risk of scams and phishing attacks. According to a report by cybersecurity firm Check Point, one in 15 organizations in Africa experienced a ransomware attempt every week in Q1 2023. In response, VERA is conducting a beta launch focused on South African companies. The company plans to go live by the end of August, with expansion to the EU, U.S., and U.K. to follow.
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