[en] While the metaverse still lacks legs and crypto stumbles, managers who are keeping an eye on Web3 can learn from promising implementations of decentralized credentials.
Disciplines :
Management information systems
Author, co-author :
Lacity, Mary; Walton College of Business - University of Arkansas > (ISYS) - Information Systems
Carmel, Erran; American University Washington > Department of Information Technology and Analytics
Young, Amber; Walton College of Business - University of Arkansas > (ISYS)- Information Systems
Roth, Tamara ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
External co-authors :
yes
Language :
English
Title :
The Quiet Corner of Web3 That Means Business
Publication date :
07 March 2023
Journal title :
MIT Sloan Management Review
ISSN :
1532-9194
Publisher :
Massachusetts Institute of Technology, United States - Massachusetts
B. Turczynski, "2020 HR Statistics: Job Search, Hiring, Recruiting, & Interviews, " Zety, updated Jan. 9, 2020, https://zety.com; and "Your Organization's Reputation on the Line: The Real Cost of Academic Fraud, " PDF file (Herndon, Virginia: National Student Clearinghouse, 2016), https://nscverifications.org.
A. Preukschat and D. Reed, "Self-Sovereign Identity: Decentralized Digital Identity and Verifiable Credentials" (Shelter Island, New York: Manning Publications, 2021).
The W3C is an international community that develops open standards to ensure the long-term growth of the web. The W3C's Verifiable Credential standard was published in 2019; its Decentralized Identifiers standard was published in July 2022.
M. Lacity and E. Carmel, "Self-Sovereign Identity and Verifiable Credentials in Your Digital Wallet, " MIS Quarterly Executive 21, no. 3 (2022): article 6.
The Sovrin Network is managed by the nonprofit Sovrin Foundation. The foundation has authorized over 80 independent volunteers on six continents to operate the network's nodes.
The NHS lists the organizations that have registered to use the Digital Staff Passport on its website.
The Trust Over IP Foundation was launched in 2020 with the mission to develop a complete architecture for internet digital trust.
The OrgBook for the province of British Columbia is available and can be searched online.
"BC Wallet, " Government ID, Government of British Columbia, accessed Jan. 11, 2023, https://www2.gov.bc.ca.
The FIDO Alliance is an open industry association with a mission to reduce the world's overreliance on passwords.
"Bonifii and Entersekt Announce New Context-Aware Authentication Solution for Credit Unions, " Bonifii, April 21, 2022, https://bonifii.com.
P. Windley, "Building an SSI Ecosystem: MemberPass and Credit Unions, " Phil Windley's Technometria, June 7, 2021, www.windley.com.
The three cases all use the Sovrin Network. In this network, transaction costs are low; only issuers are charged a modest fee (about $10) to post their public keys to the registry, and the issuer can use the key to sign an unlimited number of credentials. At this point, verifiers are not charged for reading the registry.
The W3C lists 136 methods for decentralized credentials. See "DID Specification Registries: The Interoperability Registry for Decentralized Identifiers, " W3C, updated Jan. 7, 2023, www.w3.org.
