Sharing and proving our identity, qualifications, and other certificates goes by the leap of faith we have in each other.

Manual verification would also be required. However, with verifiable credentials (VC), it is instant and secure to share and verify such digital credentials.   

Verifiable credentials are created with cryptographic signatures on a decentralized system, so they are tamper-proof and secure to share and store.   

Currently, only a few businesses have been using verifiable credentials in their operations, but their application can benefit many industries. Here, we have explained the applications and use cases of verifiable credentials.   

1. Easy Employee Onboarding   

Usually, in the employee onboarding process, companies ask for documents like national ID cards, educational certificates, passports, etc. Then, for background checks, such documents are verified for their authenticity by manual verification.   

With verifiable credentials, this process can be simplified. Job seekers can securely share their verifiable credentials with employers and later can verify them instantly.   

For example, a company could request verifiable credentials (VC) from candidates, such as work experience and education certifications. Candidates would share these credentials via a digital wallet, and the employer company could instantly verify their authenticity. This makes the hiring process simple.  

Check: Future of DID: Complete control over credentials with EveryCRED 

2. Secure Access Management   

It is obvious that securely managing physical and digital resources is a tedious task. Verifiable credentials offer a simple yet powerful solution to secure cryptographical access control.   

Consider a high-security research facility that wants to constrain those who might access certain areas very closely. Verifiable credentials could be issued stating, from the employee’s standpoint, what he is entitled to with regard to access based on his role, security clearance, and training. These can then be bound to biometric data for added security. In this scenario, an employee who attempts to enter a forbidden area will have his verifiable credentials checked to determine whether he should be given access.   

3. Frictionless Travel   

Today, international travelers carry a lot of physical documentation, from passports to visas. Verifiable Credentials could digitize this entire process. Using secure digital identity and wallet, travelers would store and present verified claims about who they are and their travel permissions.    

Consider frequent business travelers, maintaining verifiable credentials like passport information and visa status. On the way through border control, all they would need to do is present these credentials on her mobile device for a paperless travel experience.   

4. Secure Device Authentication   

Among the very many challenges to security, particularly with the rapidly growing Internet of Things (IoT), is ensuring that devices are genuine and have not been tampered with. Verifiable credentials can allow for secure device authentication.   

This could be done by manufacturers including a verifiable credential with an identifier, manufacturing date, and software version on each device. When the device connects to a network, this credential could be verified to ensure not only that the device is authentic but also that it hasn’t been compromised to improve IoT security.   

5. Trusted Supplier Verification   

Source verification and qualification are rather challenging but very significant in complex supply chains. Verifiable Credentials can smoothen this process by allowing suppliers to share authenticated information about their business registration, certifications, or compliance status.   

For example, consider a manufacturing company sourcing materials from multiple suppliers. That manufacturing company would want each of the many suppliers to be able to prove the existence of verifiable credentials for ISO 9001 certification and conflict mineral-free status cryptographically signed by trusted third parties. These would provide assurance for the manufacturing entity about the claimed attributes of each supplier without having to manually verify them.  

Also Read: Give your credentials a unique identity with SSI to protect and avoid fraudulent 

6. Secure Academic Credentialing   

Academic credentials are valuable assets but very susceptible to forgery. Verifiable credentials give educational institutions a tamper-proof- way to issue them and employers the capability to verify qualifications.   

It could provide universities with a digital means of certifying students’ degrees, grades, and other achievements, making it possible for them to share these credentials with any interested or potential employer, who could verify them instantly. This would help in fast-tracking the hiring process and reduce cases of credential fraud.   

7. Efficient Insurance Claims Processing   

Manual work dominates insurance claims, and there is much documentation to be maintained and verified. This often causes delays, sometimes leaving the customer infuriated. Verifiable credentials could automate this.   

This could allow healthcare providers to issue verifiable credentials to policyholders attesting to treatment details. When a claim is submitted by the policyholder, he/she shares these credentials with the insurance company, allowing them to instantly verify them for faster claim processing. This would reduce paperwork, fraud, and enhance customer experience.   

8. Secure Event Ticketing   

Ticket fraud and scalping are huge concerns for event organizers. Verifiable Credentials can lock down the ticketing process by delivering tickets that cannot be forged or transferred.   

An organizer could provide verifiable credentials to all ticket purchasers, correlating those credentials with their identity. Now, to access the event, one would need to present credentials and have them instantly verifiable to prevent cases of unauthorized ticket resale or forgery.   

9. Efficient Government Services   

Given that most interactions with the government involve presenting a host of documents around identity and eligibility, verifiable credentials can digitize this.   

A claimant may assert—and share verifiable credentials—about who they are, their work history, and their eligibility for unemployment benefits. The government agency would be able to verify such credentials in a seamless manner, thereby reducing the manual processing time with regard to delivering benefits to a person.   

10. Easy KYC/AML Compliance   

KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations require financial institutions to collect and verify a great deal of information about customers. This process is time-consuming and expensive. Verifiable credentials would allow customers to securely share prepaid identity claims and help reduce the load on financial institutions.   

A bank may request verifiable credentials from a new customer to prove his identity, residence, and citizenship. These credentials issued by such trusted entities as governments and utility providers would enable a bank to onboard the customer rapidly while remaining compliant with regulatory obligations. 

Check: Prevent Credential fraud with EveryCRED’s Blockchain Technology 

11. Secure Medical Record Sharing   

Security and privacy issues are major concerns when sharing medical records between healthcare providers. Verifiable credentials can empower patients with health data, letting it be shared selectively with various entities of choice.   

In this scenario, a patient can have verifiable credential wallets containing their health history, allergies, or certain medications. The patient would be able to share credentials related to the treatment at hand in front of a new doctor, and the doctor would be guaranteed to get all relevant information without exposing sensitive data that is not required to be revealed.   

12. Authentic Product Source   

Modern consumers want transparency about product origins and authenticity. With verifiable credentials, one can track a product from source to shelf.    

A luxury handbag manufacturer may issue verifiable credentials recording every single handbag’s material composition, manufacture date, and whether it has passed inspection to buyers. The retailers and consumers can then verify this credential to ensure they are getting original goods and thus eradicate counterfeiting.   

13. Trusted Rental Applications   

Background checks are a part of renting property, and verifiable credentials could help in these regards by giving applicants the ability to share pre-verified claims about their identity, income, and rental history.   

A prospective tenant could easily make verifiable credentials available from his employer regarding source and size of income, as well as from previous landlords regarding his record as a rent payer and property caretaker. The landlord could verify such credentials with little effort, thus making the application process less invasive and more efficient.   

14. Trusted Used Car Buying and Selling   

Buying or selling a used vehicle involves a leap of faith on the part of many, as searching for a car’s history and trusting the credibility of the seller can indeed be very painful. Verifiable credentials bring much-needed trust and transparency into this process.    

It would be possible to issue verifiable credentials to a vehicle from trusted parties like manufacturers, service centers, and insurance companies. Credentials attesting to a car when it was manufactured, service history, accident reports, and ownership chains showing the credibility of the car could be available. These credentials could be shared with interested buyers by the owner during resale, thus enabling informed decisions based on the vehicle’s verified history.   

Conclusion   

This is just the tip of the iceberg as verifiable credential use cases are limitless. As this tech matures, and people become aware about it, we can expect more applications of verifiable credentials.   

The core of verifiable credentials is trust and security. At EveryCRED, we provide trust and security by facilitating the issuance and verification of verifiable credentials. If your organization wants to use verifiable credentials, you can contact our team at EveryCRED.