While Wei didn’t start out teaching himself to code for the purpose of building blockchain applications, the experience he gained as an accountant made him realize how powerful this technology could be. Unlike other forms of technology where updates can be made at any time, blockchain is immutable – meaning that once transactions are recorded on the network, they cannot be changed. This makes it a perfect platform for ensuring accuracy in documents such as contracts and financial dealings. By automating these processes, blockchain has the potential to improve transparency and efficiency in many sectors of business.
Accredify is a young, Singapore-based startup that is securing documents for businesses and governments around the world. With its Series A funding round, the company has demonstrated its ambition and growth potential, as well as its dedication to providing a safe and secure solution for document verification.
Since its inception, Accredify has endeavored to help organizations stop fraudulent activities and protect the integrity of their data. The company’s recent expansions into corporate registries and healthcare prove that it is devoted to addressing important issues in both industries. With a team of experienced professionals, Accredify is well positioned to help others address these challenges as well.
As the world tries to recover from COVID-19, it is important that companies are able to function and hire the best workers. The Accredify platform has teamed up with the Ministry of Manpower and Ministry of Health to create a system that verifies COVID-19 records so workers can travel. This system, which is still in development, will also transform Singapore’s data infrastructure so every company creation can be traced back to the blockchain.
The success of the Knoji app may be largely due to the way that the company has been able to create a commercial traction and adoption for its product. By leveraging its existing customer base, Knoji was able to generate a high level of interest in its product from potential users and advertisers alike. This helped the company achieve rapid growth, which in turn allowed it to develop an extensive user base and establish itself as a leading player on the market.
The company Accredify creates a document store on the blockchain for clients. This document store is a smart wallet which manages the private and public key of clients. It also draws data through dashboards or API integrations to provide an interesting experience for them.
The pandemic has prompted a surge in companies working to create verifiable identities and data. Trinsic, MATTR, Unifier, and U.S startups like Accredify are all working to create digital identities and credentials that can be verified by third-party organizations. This is an area where the pandemic has created a need for companies to work together as there is not currently a standard methodology for verifying information online.
According to Wei, one of the key differentiators between Accredify and other players in the market is that most of the use cases you see in the market stop at the pilot, proof of concept situation. When it comes to true commercial adoption, as well as scalability, Wei doesn’t think a lot of companies have achieved what they’ve done – including creating an entire system that has enabled COVID-19 management within Singapore to be so seamless.
While its primary focus is on Asia, Accredify plans to grow its presence in other parts of the world as well. In Singapore and Australia, the company has already doubled down on its workforce in recent months, and it is now exploring expansion into Japan by doing pilot programs with government entities. This demonstrates Accredify’s commitment to ensuring that businesses across the globe have access to quality accreditation standards.
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