Streamlining Global Supply Chains with Verifiable Credentials
Global supply chains are hugely complex as they span across companies and countries. As a result, there’s also a high chance of forgeries, inefficiencies due to multiple authentications, and delays that can, in turn, have a compounding effect on other companies’ operations and even a nation’s economy as a whole.
The good news is that a lot of these issues can be resolved with Verifiable Credentials.
The paper credentials that are being used now in the supply chain industry are slow as they require physical verification, and are easily forgeable as well..
Since VCs are machine-verifiable and tamper-proof, they can be used to securely manage paper credentials and to track the movement of goods across international borders. Check out this PoC to better understand how you can digitize credentials for the supply chain using Affinidi’s stack.
Tapping into a Verifiable Global Marketplace
Verifiable credentials can be used to establish a trustworthy trade connection with another entity on the global marketplace to buy and sell goods across countries and to handle payments, shipping, and the logistics that come with it.
The advantage with VCs is that they are built on JSON-LD and hence, can be used to verify the credentials of buyers and sellers between different systems and data models. This interoperability of JSON-LDs opens up enormous opportunities for everyone involved.
Trustana is a B2B trade platform built on Affinidi’s SDKs, and it connects buyers and sellers in the F&B space.
Another key benefit of verifiable credentials is that it helps to build an organization’s reputation over time. For example, if a potential supplier can look at the prompt payments and associations of a buyer, it may be inclined to partner with that company. In this sense, verifiable credentials create trust among companies as the underlying data is accurate, authentic, and verifiable.
In turn, this can iron out the inconsistencies and uncertainties that may come up in the global supply and demand market such as pandemics, weather-related events, political instabilities, and more.
As a buyer, it also opens up more opportunities and lesser dependence on just a handful of suppliers.
From a supplier’s standpoint, it has the option to dynamically redirect its goods, products, and services to new areas or areas of high demand as its credentials can be established easily.
Here is a PoC built on Affinidi’s stack that uses VCs to enhance the reputation of a company and its products. Reducing Forgery
Transforming documents into verifiable credentials addresses this basic concern of forgery and hence has no further need of physical verification time and again.
This is because forging products and documents is impossible with VCs, as every entity in the supply chain has a unique Decentralized Identifier (DID) that is immutable and secured with public-key encryption.
These credentials are compliant with the W3C standards as well.
In all, VCs help to create a transparent supply chain, where you can track the movement of goods, ensure compliance, know the reputation of companies you’re dealing with, and reach out to more players in a trusted way.
To learn more about you can leverage Affinidi’s stack to build a transparent supply chain network, reach out to us on Discord.
The information material contained in this article is for general information and educational purposes only. It is not intended to constitute legal or other professional advice