What are the Use Cases for Verifiable Credentials?
Verifiable credentials are no longer buzzwords that only a select few understand. Most organizations who deal with fraudsters on a daily basis know what are verifiable credentials.?
They have become the need of the hour to prevent data fraud from taking over and cybercriminals to capitalize on innocent individuals’ personal and sensitive information, like name, address, email ID, financial records, and medical history.
The verifiable credentials blockchain are known for being secure, transparent, trustless, and immutable. It’s also incredibly simple to verify digital credentials without expending too much time, financial resources, and human capital.?
However, blockchain-based digital credentials are being adopted by organizations in droves due to their versatility, meaning verifiable credentials blockchain can be used for multiple purposes. They aren’t just a digital equivalence of paper-based certificates; they are more. Wondering what are the use cases for verifiable credentials? Let’s find out!
Use Cases for Verifiable Credentials
Verifiable credentials are incredibly customizable and can be tailored to suit the needs of any organization per their demands. This is especially true if you use blockchain and QR code-based platforms, like ProofEasy to issue and verify verifiable credentials. Without further ado, here are popular use cases for digital credentials blockchain across industries:
The basic yet most important use case of a verifiable credential is to issue digital certificates for an educational institution. Further, they can be used to maintain student records, verify credentials for higher studies, and create smart contracts to automate tedious reporting and filing tasks.
Blockchain credentials can minimize supply chain disruptions and make it easier for end consumers to verify a food products journey from farm to table. They can also be used to verify the authenticity of essential food-based compliance certifications like HACCP, GFSI, and more.
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The healthcare sector deals with a lot of sensitive information, like name, address, blood group, medical records, credit card and insurance details, and even details about the next of kin. This means such establishments are a goldmine of information for fraudsters looking to manipulate or sell the information for personal gain.?
Verifiable credentials can change the name of the game and keep such sensitive information secure. It can also be used by healthcare practitioners to issue prescriptions digitally. Lab reports, health diagnosis or prognosis, and other documents can also be protected using blockchain credentials.
?Government agencies can use verifiable credentials to not only safeguard all internal information and make document maintenance easier. They can also use these digital certificates to issue official documents like driving license, social security numbers, permits, certifications, and more to prevent identity theft.
Similar to the healthcare sector, the finance sector is also a goldmine of PII (personally identifiable information). But these sectors are more risky since they more often than not contain financial information about their clients. Once compromised, fraudsters can steal information to make a ton of profit. They can also protect themselves from becoming victims of duplicated and forged documents. Insurance firms can use blockchain verifiable credentials in a similar fashion.
Legal firms are built on documents. To keep their documents, contracts, wills, safe and out of reach of fraudsters, they must use verifiable credentials. They’ll ensure that the document once stored becomes immutable, impossible to delete, and any modifications made to the documents will be recorded as new files. Further, if the documents fall into the wrong hands, they won’t be able to access it as the information inside is encrypted and won’t be accessible unless the fraudster has the corresponding public key to decrypt the files.
Verifiable credentials can be used by practically any industry, including real estate and HR and payroll. Although these documents are seldom considered important, they’re incredibly important to keep personal information safe and protect official documents, like offer letters, pay slips, experience letters, employee files, and disciplinary records.
So, don’t wait any longer. Sign up on ProofEasy and start your verifiable credential journey today!