Verifiable Credentials for Cross Border Trade Project
Project proposal:The recent W3C Verifiable Credentials (VC) and Decentralised Identifiers (DID) standards represent a new opportunity for scalable exchange of high integrity verifiable data. Like the chip in an e-passport, VCs and DIDs allow any trade document to cryptographically verifiable by any party to whom it is presented. Also, like the chip in a passport, VCs are also human readable and so remain compatible with paper processes – so that issuers can go 100% digital without any dependency on verifier digital maturity. This technology offers several opportunities to improve cross border trade efficiency and integrity
Reducing cost of trade through digitization of cross border documents such as certificates and permits.
Improving access to trade finance for SMEs by allowing financial institutions to automate due diligence for letters of credit
Reducing counterfeit goods by linking physical products to verifiable origin information
And many more potential use cases
One challenge is that, as a new technology, awareness amongst policy makers of how best to leverage verifiable credentials is low. Furthermore, there are interoperability risks if adoption increases quickly without underlying semantic standards. Therefore, there is a need for guidance material in the form of a UN/CEFACT white paper.
This initiative will pave the way for cross border mutual recognition of high integrity verifiable data.
The following are draft milestones of the project.
Yes/No*
ODP Stage
Expected Completion Date
Yes
Project Inception
July 2022
Yes
Draft development
July 2022
Yes
Public Draft Review
August 2022
Yes
Publication
August 2022
Yes
Project exit
September 2022
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