Zug, Switzerland – August 1st, 2024 – Dock announced today the launch of its Privacy-Preserving Credential Monetization feature within its Decentralized ID platform. This cutting-edge innovation enables organizations to generate new revenue streams by charging for the verification of Digital ID credentials that they issue.
With this advanced feature, Dock's platform sets a new industry standard, empowering organizations to launch an ID Ecosystem for their partners to securely share and monetize verifiable credentials. This accelerates onboarding processes, enhances transaction speeds, and improves business efficiencies. Importantly, user privacy is protected, as issuers and ecosystem administrators cannot identify which specific user or credential has been verified.
Traditionally, issuing ID credentials has been a cost burden for issuers who make the investment to ensure credentials contain high-quality information. However, with Dock's new feature, ID companies can transform this expense into a new revenue stream by charging for credential verifications. Credentials are part of an ecosystem where verifiers must pay a price for each verification, making it easier for issuers to generate revenue from credential issuance. This innovation enhances the economic viability for all stakeholders within a Digital ID Ecosystem.
Dock's technology uses Keyed Verification Anonymous Credential (KVAC) cryptography to ensure that credentials can only be verified by members of an ecosystem with a billing relationship.
Privacy-Preserving Monetization
At Dock, privacy is our priority. Our Credential Monetization feature ensures that ecosystem administrators can track paid verifications but cannot identify which specific user or credential has been verified, preserving confidentiality and fostering a trust-rich environment. Users must give explicit consent for each verification, maintaining their control over their digital identity.
“In the past, a lack of ways in which organizations can generate revenue from verifiable credentials has significantly constrained adoption of this amazing technology. With the release of this new feature, clearly defined business models are now integrated into Dock’s issuance and verification platform enabling entities to roll out new products at scale.” said Nick Lambert, Dock’s CEO.
About Dock
Dock’s Decentralized Identity platform enables companies to turn verified ID data into trusted Reusable Digital ID Credentials, instantly verify their authenticity and get paid when they are verified by third parties. It comprises an API, a Web App, an ID wallet and a dedicated blockchain. Dock has been a leader in decentralized digital identity technology since 2017 and trusted by organizations in diverse sectors, including healthcare, finance, and education.
