It’s time for another update. Trouble is… NOTHING happened. Well, that’s not entirely true. A lot has happened and worked on behind the scenes, but it was a period of little to announce. It was reflected in the price, which stayed pretty much stable with an occasional short jump either green or red.
There’s plenty of things coming (September is filling up nicely), but I don’t want to spoil any of the fun. So, I thought I would talk about the DID and VC structure a bit instead.
Digital Identities and Verifiable Credentials are the main focus of LTO Network right now. The use-cases are endless, but its main purpose is to connect the real-world identities to things in the digital world. Be it people or things. And there’s several large areas where this technology will grow and impact the norm as it is now. Here are a few examples:
In our current world, our data is out there… in the wild wild west called the internet. Every time you leave your info on a web shop, survey, campaign, insurance company, mortgage check, electricity company compare website and all that shit, you leave data of who you are, where you live, what you like and more. This data is extremely valuable for companies, for profiling, for marketing and is constantly used in everyday life to influence and steer us.
Digital Identities will give people a chance to take back control over their online data. By managing your “wallet” of information, which is verified by trusted parties (be it government, or a bank, or a school/college/university), you are able to determine what is shared and when. Are you ordering something in a shop? The shop will send a read request for your address info, which you temporarily grant. The order goes through and as soon as it has been processed the access is revoked, making sure your data does not linger in some one-time purchase web shop for years to come.
Working in a digital world:
As our work processes take place online/digital more and more, companies are looking for ways to manage these flows of information and keep control on its processes so that unauthorized personnel does not (accidentally or on purpose) do things outside of their work responsibility.
We’ve already seen LTO Network tear down the boundaries of data silos between companies with their decentralized workflows, allowing different parties that are vested in the workflow to work together, even if they have different stakes and necessities across the access of the data. LTO’s miniature blockchains will keep data where it supposed to be; in the hands of those involved. DID will bring additional power to these processes. Companies will be able to define data access per person, instead of per company. Rights to view/edit/sign will be linked to these verifiable credentials to structure the decentralized workflows further, making processes cleaner and more secure.
Lightening the load:
DIDs will help reduce recurring workloads with trusted sources their networks. These trust networks can be created per project by using LTO’s associations transactions type, so that verified data points can be shared. Examples are KYC when setting up a new company. Normally you need to do this over and over and over, while with Verifiable Credentials you’re KYC can be done once, after which other parties can “request/check” the KYC status of the person/company, if such a KYC is done by party in their accepted trust network. A KYC with the bank, could speed up your KYC with the Chamber of Commerce, or as a private individual with a mortgage company. All while the least amount of data can be shared between these trusted parties. The same could be done with crypto exchanges, taking away a large cost post for the parties that manage to work together.
Connecting the real world with the digital:
DeFi and NFTs are all the hype. However, they are bound to the world of crypto, unable to make the jump to the big bad world. DIDs and VCs will help bridge this gap. By bringing identification into the world of crypto, new structures will be able to emerge, pushing adoption into real world problem solving. Like using DeFi to set up small to medium business company loans (which banks find annoying and costly to deal with). Transparency is needed in DeFi for the business world to enter the scene and that is needed if DeFi wants to truly break out of it’s crypto realm.
NFTs could be linked to digital identities, making it crystal clear who owns what. But that is not where the fun stops. You will be able to tokenize assets, like houses, cars, and link them to digital identities and make verifiable credentials part of the chain. Change of ownership of your car? Switch the asset to a different DID. Was the car serviced properly? Perhaps the service history is part of the a verifiable credential now. And much, much more.
These are just a few examples of the impacts DID and VC can have. Curious to other examples? Read the document that LTO and Sphereon have made together with 25 example use-cases that Verifiable Credentials could tackle: https://drive.google.com/file/d/1BrFjh6-TVkJ4Rfllh5fUTjh6hkYtPbR_/view?usp=sharing
And the best thing yet? Eventually, all the chains will be able to use LTO’s DID structure through Chainlink. Ethereum smart contracts? Check. Cardano smart contracts? Check. BTC? Check. SOL? DOT? NEM? NEO? Check, check, all of them check! LTO Network will become a optional add-on functionality for every single project out there, adding value where needed. 👀
That’s it for now. September is looking to be an interesting month with much more news and progress being released. So, may the growth continue and see you all in a couple of weeks!
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