Research and Opportunity Study into Verifiable Credentials and Digital Identity

The ELEKS team, reinforced by external identity management experts, conducted an in-depth study of the identity management market, current legislation and market trends. In the report presented to DNP, we outlined the key stakeholders and types of identity within this space. Then, we described identity governance models and major legal frameworks, standards and protocols. Additionally, we summed up key market trends and best practices.

Following on from this, we developed six use cases – three proposed by DNP and three proposed by ELEKS – where we perceived there to be customer demand, high technical feasibility and good financial sense:

• Creating and managing digital identities within the financial sector – with DNP acting as a service provider to support financial institutions in creating, managing, updating, and securing the digital identities of their customers;
• Enhancing DNP’s existing app with an ecosystem for creating, managing, storing, updating, complementing and supporting app users’ digital identities;

An application for setting up a digital identity profile (photo, document, voice, fingerprint);

• An app for creating metaverse avatars with biometric verification;
• A software tool to verify the identity of a digital citizen with various biometrics and geolocation capabilities;
• A one-touch verification portal to validate whether product packaging is original and an app/wallet for tracking packaging lifecycles and receiving consumer bahaviour insights.

DNP selected one, from which ELEKS developed a high-level business case. The chosen use case was an application for the financial sector that will come to serve as a gateway for users to create or complete their blockchain-based digital identities.

We looked at this business case from the perspective of desirability, feasibility and viability. Our experts evaluated the technical feasibility of the use case, provided a contextual diagram and storylines and conducted interviews with potential DNP competitors and partners.