Digital credentials will be adopted gradually, starting with use cases that are more obvious. We think businesses and governments with speculative use cases would gamble on digital credentials when the advantages are understood by the entities associated with the initial waves of adoption. The main use cases that we anticipate are those involving licenses for occupations and professions, permissions for leisure activities, credentials for education, and vaccine verifications. We predict credentials for confirming the authenticity of tangible objects to be a following phase of adoption when these initial use cases gain traction.
Individuals and organizations would be able to use this to confirm the legitimacy of parts, apparel, sporting goods, and other stuff. Medical credentials, driver's license, and health records are some of the common use cases.
A good option for digitization, immutability, and verification of credentials is the medical field. Verifying information for new doctors in the medical field takes time and is not cost-effective. Verifying a new hospital member typically involves 12 to 25 different organizations. As a result, the onboarding process for new employees typically lasts 4-6 months. Hospitals lose between USD 7,500 and 9,000 per day as a result of this timely process. The recruiting hospital would be able to check a new hire's certificates in minutes as opposed to months if medical credentials were maintained on blockchain.
We believe that, like medical credentials, health records and driver's licenses will be credentialed during the initial implementation phase. It would be safer and more secure for people to be able to hold their health information and driver's licenses online. We frequently give third parties access to more information than is necessary. For instance, there should be no need to reveal any extra information, such as your residence or full name, if a verifying party only needs to confirm your age. You would be able to validate your age with digital credentials kept on a blockchain without having to physically produce any information, not even your date of birth!
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