The scientific community has invested a great deal of effort in the fields of discrete wavelet transform in the last few decades. Discrete wavelet transform (DWT) associated with the vector quantization has been proved to be a very useful tool for the compression of image. However, the DWT is very computationally intensive process requiring innovative and computationally efficient method to obtain the image compression. The concurrent transformation of the image can be an important solution to this problem. This paper proposes a model of concurrent DWT for image compression. Additionally, the formal verification of the model has also been performed. Here the Symbolic Model Verifier (SMV) has been used as the formal verification tool. The system has been modeled in SMV and some properties have been verified formally.