DID, or Decentralized Identifier, is indeed a new approach that empowers users by allowing them to own and control their digital identities. This significant shift away from the traditional centralized ID management systems helps to reduce the potential leaks and misuse of personal information. As a result, users' privacy can be better protected. Along with the advancements in blockchain technology, DIDs are expected to play a crucial role in enhancing digital privacy and security.
VC, or Verifiable Credential, works in tandem with DID, setting up a framework for the safe and reliable sharing of personal information and qualifications. This allows individuals to selectively provide their own data based on requirements, ensuring that information seekers only obtain what they genuinely need. As a result, this reduces the risk of data breaches for those holding sensitive information and allows everyday users greater control and protection of their privacy. It's a significant stride forward in the realm of digital identity and data security.
DID/VC system presents benefits for both service users and providers alike. Users gain better control of their own data, presenting only necessary information when it's needed and thus safeguarding their personal privacy.
Conversely, service providers can acquire secure and dependable information from individuals, reducing their business risks. For the wider adoption of DID/VC, it's crucial to establish a mechanism that ensures mutual benefits between the platform providers and the entities issuing the VCs. This, in turn, fosters a trusted and efficient environment for exchanging and validating digital credentials.
For university graduates, proving their degrees and grades to third parties like employers often meant applying to their university for a certificate each time, a process that could be time consuming. However, by using DID/VC, universities can now issue VC related to degree history and grades to their graduates. Graduates then present the DID/VC to third parties, who can directly verify the signature on the blockchain. This ensures the authenticity of the degree and grades stated, freeing graduates from continually applying for certificates from the university.
The production company responsible for America's biggest outdoor music festival, Coachella, employs about 150 subcontractors for event production. These subcontractors must have insurance, and the production company needs to match each subcontractor's equipment VIN number with the number on their insurance documents. This comparison, conducted multiple times during setup by various teams, was quite time-consuming. But by issuing a VC confirming a match between the insurance documents and equipment upon the contractor's arrival, they then only needed to present the DID/VC for confirmation of insurance coverage. This greatly reduced the time spent on matching tasks.
Dog pedigrees around the world are traditionally managed through databases or in paper form, but popular breeds such as the Akita dog can be susceptible to pedigree forgery. However, by employing blockchain technology's DID/VC in dog pedigrees, we can look forward to tapping into the numerous advantages of blockchain:
Meta Akita Inc. is an official partner of Heirloom.io (https://heirloom.io/), for the planning, design, and implementation of the DID/VC solutions in the APAC (Asia Pacific) region.
Meta Akita Inc. provides consulting and solution implementation support from the upstream to the downstream.
For DID/VC inquiries, please use the form below.
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