“Digital Credentials”is used as an umbrella term for any sort of credential, whether it’s a diploma, vaccine card, insurance card, course certificates etc., that can be digitally issued to an individual.
Verifiable digital credentials are sub-genre of digital credentials. As stated in the name, these are DC’s that the receiving party can validate or verify as authentic. In our case, we issue our DC’s using a blockchain network, allowing users to instantly verify them with 100% certainty that they are authentic.
Our platform allows anyone to use, receive, and issue their own credentials. This ranges from verified organizations and institutions who might issue credentials such asdiplomas or employee identification cards, but it also includes personalindividual credentialsthat contain information such as passwords, credit card, and digital keys.
Verifiable digital credentials are still relatively new, but the ecosystem that supports them is growing exponentially. Currently, the most common use cases for VDC’sinclude academic achievements, job applications, employee identification, training certificates, KYC and due diligenceprocesses,and supply–chain management. More and more industries are starting to adapt to this technology, so you can expect to see new use cases emerging right and left.
Self-Sovereign Identity (SSI)refers to a model in which users have sole ownership and control over their personal data. In the case of our VDC, this means that all the data and information stored inside the VDC’s belong exclusively to its owner. We take user data very seriously andfollow all the latest global standards to store and encrypt user data in our blockchain network. Unless given specific permissions, nobody besides the user can access it.
We are currently living in an age where personal digital information is highly sought after by third party intermediaries. Providing the means for users to safely use and store VDC’s with sensitive personal information is very important. By using an SSI model, users can feel safe knowing that they are fully protected from data-miners,or even malicious attacks from hackers and phishers.
There are many benefits to REM ID compared to other traditional DC platforms such as Credly and Accredible. First, we have built our REM apps using LACChain, a public ERC20 based blockchain network we helped found and create, ensuring both safety and speed throughout all the processes behind issuing, receiving, and verifying a VDC.
Second, thanks to our SSI model, users are the ones who control, own, and have the rights to their credentials. Much like a physical possession, our VDC belongs to the users, not us.
Third and most importantly, we have built a module called “Initiatives” inside our wallet. These initiatives can be configured in our REM backend platform by institutions, organizations, or groups, to provide a space where users can use their credentials in a way that provides value for both parties. For example, a verified academic institution can configure an Initiative for a scholarship, where users that received a certain credential can apply.
Currently, one of the biggest challenges facing the digital credential industry is a lack of value or incentive for users to adopt and start using VDCs. Our Initiatives module eliminates this problem.
There is no limit or specification to the types of initiatives you can create. We work with verified institutions, organizations, and groups to create a myriad of initiatives that can bring value to the users and issuers. For example, a company that needs to survey all their employees can create a surveying initiative that rewards participants with gift cards.
The sky is the limit for what you can built. An example of past successful initiative was during the COVID19 pandemic. We worked with several health departments to issue digital vaccine cards which could then be used to collect symptom and location data from willing participants. This data was then used to create a public heat map of recent cases and outbreaks for contact tracing across Latin America.
Web3 can be defined as an internet where the users have control over their data and digital identity without relying on centralized intermediaries. In the future, as the internet and its services become more decentralized, users will need a way to safely interact with these services. Our hope is that our suite of decentralized applications will provide an early steppingstone for users to start adapting and taking advantage of theemerging technologies and opportunities that Web3 presents.