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Research and Opportunity Study into Verifiable Credentials and Digital Identity

Key results
Solid basis for future PoC and digital product development
Estimates and development roadmap for the most feasible opportunity
research-and-min

Summary

ELEKS assisted DNP, one of the world's largest comprehensive printing companies based in Japan, in researching digital identities by producing an in-depth report on potential use cases for verifiable credentials using blockchain technology. We identified six promising use cases based on customer demand, technical feasibility, and financial viability. This comprehensive overview enabled DNP to assess market opportunities and prioritize them with a detailed roadmap and high-level implementation estimates.
The situation

DNP aims to explore the emerging opportunities in the decentralised identity management market

DNP considers information security technology its core strength, leveraging it to add value via a range of highly secure and reliable products and services.

DNP aims to establish itself as a future leader in the decentralised identity management market by adopting new technologies that enhance the convenience and efficiency of its existing products. DNP requested ELEKS' technology advisory service to identify several blockchain-based verifiable credentials and digital identity use cases and to help it select the most viable option for its subsequent PoC phase.

dnp-aims-to-explore-min
The solution

Exploring and developing use cases in identity management

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.

Step 1
Discover
  • Interviews with identity management companies
  • Research of legislation and regulations
  • Market trends and best practice
Step 2
Define
  • Interviews with identity management companies
  • Research of legislation and regulations
  • Market trends and best practice
Step 3
Develop
  • Interviews with identity management companies
  • Research of legislation and regulations
  • Market trends and best practice
Step 4
Deliver
  • Interviews with identity management companies
  • Research of legislation and regulations
  • Market trends and best practice
exploring-and-developing-min
The result

DNP unlocked its potential in the digital identity and verifiable credentials market

DNP received a comprehensive view of the digital identity and verifiable credentials market. The report allowed the company to evaluate its opportunities and prioritise them according to market desirability, technical feasibility and financial viability.

The report contains a roadmap and high-level estimates for the next steps, and it can be used by DNP as a basis for future PoC design and PoC development stages.

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Sam Fleming
President, Fleming-AOD

Right from the start, we really liked ELEKS’ commitment and engagement. They came to us with their best people to try to understand our context, our business idea, and developed the first prototype with us. They were very professional and very customer oriented. I think, without ELEKS it probably would not have been possible to have such a successful product in such a short period of time.

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