Any application that involves the operations among “issuance, holding, and verification” of personal data is suitable for a verifiable credential data model. In the centralized certificate operations, verifiers had to integrate with issuer systems to confirm the identity of the holder, resulting in network services being controlled by a few large central systems and causing a data monopoly in the online world. With the introduction of blockchain, verifiers and issuers can utilize it as a neutral and impartial trusted data registry, thereby issuers and verifiers being independent to each other, allowing anyone to issue credentials and verify them anywhere.
There are many vertical applications that are suitable to use the CLIP platform, with the following being the most discussed in the industry:
- Health Care
- Membership Management
- Governmental Certificates and Licenses
- Cross-Site Single Sign-On
- Academic Diploma
- Tax Certificates
- Internet of Things (IoT)