Managing digital identities

Private use cases

Examples and details:

• Digital identities are important for using online services and managing social media accounts. For example, Microsoft’s Decentralized Identity project is an initiative that allows users to manage their own digital identities and securely share them when necessary.
• Another example is Sovrin, which stores personal information on a blockchain to make online identity verification easier. This reduces the risk of reusing passwords and leaking personal information.
• User story: One user used Sovrin to simplify the login process for multiple online services, freeing them from the stress of managing passwords. They reported that they were able to quickly and securely verify their identity on financial services and medical portals in particular.

Business use cases

Examples and details:

• Enterprise ID management: By managing employees‘ digital identities on the blockchain, you can strengthen security and streamline access management.
• Companies are increasingly adopting blockchain technology to securely manage their employees’ authentication information. For example, IBM’s Verify Credentials is a system that manages employees’ credentials on the blockchain to provide fast and secure authentication.
• Case Study: One company found that, after implementing IBM Verify Credentials, the employee authentication process was sped up and security was improved. In particular, access management in remote working environments was greatly improved.

Improved supply chain transparency

Private use case

Examples and details:

• Arianee, a French company, is a platform that provides digital certificates using blockchain for luxury brands. Individual jewellery designers and watchmakers also use this system to issue digital certificates for each product. This allows for transparent management of product ownership and history, and prevents the distribution of counterfeit products.
• User testimonial: You can check on the blockchain that the product you have purchased is genuine (authenticity check), so you can buy with peace of mind. Through digital certificates, you can easily transfer and manage ownership of products, and you can also safely trade on the second-hand market. Users also appreciate being able to receive the latest information and special offers from brands through digital certificates.

Business Use Cases

Examples and details:

• Food tracking: Consumers can use IBM Food Trust to check the origin and processing of the food they buy. This allows them to buy products with peace of mind.
• As interest in food safety and quality increases, it is important to ensure food traceability using blockchain technology. For example, Walmart is using blockchain to manage its food supply chain and improve food safety.
• Customer Story: A consumer reported that they were able to check the production process of the organic food they purchased using IBM Food Trust and feel more confident about their purchase. They said it was especially useful when choosing safe food for their children.

Using Decentralised Finance (DeFi)

Private Use Case

Examples and details:

• DeFi allows users to access financial services without going through a bank, so it is expected to reduce fees and speed up transactions. For example, Compound is a platform that allows users to lend and borrow cryptocurrency and earn interest.
• In addition, Aave allows users to lend and borrow cryptocurrency, making it possible to manage funds more flexibly. In addition, by using stablecoins like DAI, you can trade using digital currencies with stable prices.
• User experience: One private investor was able to use Aave to lend out cryptocurrency and earn stable interest income. In particular, he was dissatisfied with the low interest rates offered by banks, so he was satisfied with the high yields offered by DeFi.

Business use cases

Examples and details:

• Corporate fundraising: Companies can use DeFi platforms to raise funds. Smart contracts enable fast and transparent transactions.
• DeFi provides startups and SMEs with a new way to raise funds without going through traditional financial institutions. For example, Synthetix provides a platform where companies can issue and trade derivatives.
• Case Study: A startup company used Synthetix to quickly raise funds and successfully expand its business. Because it did not involve traditional financial institutions, the process was simplified and costs were reduced.

Summary

Blockchain technology has many applications in both the private and business sectors, and we can enjoy its convenience and security in real life. By understanding and actually using these technologies, we can live more efficiently and safely.

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