In the past two years, Dock’s engineering team rolled out the building blocks for our Reusable Digital Identity platform, successfully implementing several key features that allow organizations to issue and instantly verify fraud-proof Reusable Digital ID credentials.
And now we’re taking our customers even further.
In early 2024, Dock will continue building the #1 platform of reusable digital ID technology by launching two innovative features that will cement our customers at the center of the digital identity economy.
Watch the full presentation by our Head of Product, Richard Esplin, or continue reading for the full summary below.
Vision for the Future: Embracing Transformational Reusable Digital Identities
The way we define and verify our identities is currently going through a huge transformation as governments and companies around the world are launching reusable digital identity initiatives.
Why the shift?
Leading organizations are recognizing that relying solely on others as ID providers is an unsustainable way to verify and onboard users efficiently in a cost-effective way.
- KYC costs are rising 19% year over year
- Slow verification leads to 40% customer drop-offs
- ID theft increased by 277%
- Building costly custom 1:1 integrations with each verifier
- Manually setting up data governance frameworks with each partner
At Global Shift Towards Reusable Digital Identity
Forward-thinking and proactive organizations are leveraging tech to transform their customers’ data into reusable digital IDs. According to market analysis by Liminal, the total addressable market for reusable identity will grow from $32.8B in 2022 to $266.5B by 2027.
Governments and organizations around the world are already implementing reusable digital ID solutions to make it easier for people to access online public and private services and products in a privacy-preserving way without having to repeatedly provide the same information.
Mobile digital driver’s license (mDL) projects are being implemented for a variety of use cases that require identity verification including banks, airport security, social services, and hotel check-ins. mDL projects are being rolled out in Korea, Australia, Denmark, the Netherlands, and USA.
Also, national electronic identification (eID) systems are quickly becoming the norm in various parts of the world including Europe and Asia. In Estonia for example, citizens can use their eID to file their taxes online in minutes, vote online, and sign up for many services without dealing with paper forms and physical ID documents.
And this is just the beginning of a revolutionary global shift towards reusable identity verification.
Advantages of Reusable Digital Identities
Reusable digital IDs enable:
1) Lightning-Fast ID Verifications: Identity verifications happen in the blink of an eye, minimizing friction and maximizing user satisfaction.
2) Digital ID Ecosystems: Creating and participating in digital ID ecosystems has never been easier. Verifiers can seamlessly consume your data without the need for custom integrations, streamlining processes and enhancing collaboration.
3) Secure Data Exchanges: Reusable Digital IDs prioritize data security, ensuring that information is exchanged in a safe and compliant manner.
4) Privacy-Compliant and User-Centric: Reusable digital IDs operate in accordance with strict privacy regulations and explicit user consent, safeguarding individual data and ensuring confidentiality at all levels.
5) Monetization: Organizations can easily monetize when others verify their data, opening up new avenues for sustainability and growth.
The #1 Reusable ID platform
The need for secure, reliable digital identity solutions is more critical than ever as the world becomes increasingly reliant on digital interactions. Dock has been at the forefront of this evolution, building a strong foundation of our Reusable Digital Identity platform, allowing us to offer game-changing functionalities that enable organizations to issue and instantly verify fraud-proof reusable digital ID credentials.
Our vision extends beyond what we've already achieved. Looking ahead to early 2024, Dock is gearing up to introduce two ground-breaking features. These developments are designed to firmly establish our customers as pivotal players in the digital identity economy.
To recap, here are the Dock features already live:
- Create Reusable ID Credentials: Convert your users’ verified data into reusable, fraud-proof and instantly verifiable digital ID credentials (API and web app)
- Store: Enable your users to store their digital ID credentials in your existing app (Mobile SDK)
- Verify: Verify Digital ID Credentials from your users and receive immediate confirmation of their authenticity (API and web app)
2024 Roadmap
The first feature we’re rolling out in 2024 addresses the concern raised by our customers that managing the relationships with trusted business partners is tedious. So we are adding to Dock’s Platform a set of tools to help you Launch your Digital ID Ecosystem.
Q1: Launch Your Digital ID Ecosystem
Dock’s platform will allow you to launch your own Digital ID Ecosystem.
A digital identity ecosystem is a system that helps manage and secure online identities and their verification processes. It's like a digital community where different organizations can securely share and verify identities without the hassle of setting up individual connections with each member.
Dock’s user-friendly web dashboard and API allow you to invite and manage trusted issuers and verifiers within a particular ecosystem. This will facilitate secure data exchanges between organizations without the need to build custom integrations with each stakeholder.
The Digital ID Ecosystem feature will include:
- Trust Registry: An on-chain list of relationships between issuers and verifiers. It simplifies the process of identifying which issuers and verifiers are trustworthy within a particular ecosystem.
- Governance Framework Management: The framework is communicated to every stakeholder, ensuring clarity and consistency, which helps align all stakeholders on the processes surrounding issuance and verification.
- Graphical Interface: Our Certs web app automates and simplifies setting up an ecosystem, inviting members, assigning them to be issuers or verifiers, and keeping the list of trusted participants up-to-date.
To summarize, imagine you have a club where everyone knows each other and trusts each other (digital ecosystem). In this club, there's a list of who is responsible for checking IDs (the issuers) and who needs to verify those IDs (the verifiers).
To make things even smoother, there's a special system in place, like a checklist, that helps everyone follow the same rules (governance framework). To keep everything organized, there's an easy-to-use website (Certs web app) that helps the club members invite new people, assign them roles, and make sure everyone follows the rules.
Q2: Automated Paid Credential Verification
The second major feature addresses another concern that we frequently hear from our customers—how issuers can build business around verifiable credentials.
In Q2, we’re launching Automated Paid Credential Verification.
Issuers will be able to assign a price to the verification of a reusable digital ID credential so that when that credential is verified, the issuer will be automatically paid.
Previously, being able to charge for the verification of a credential involved manual processes where verifiers had to contact issuers and arrange contracts and payment for verification, which is a cumbersome and inefficient process.
Dock has digitized and automated this entire process so that issuers can receive payments and enhance the economic viability for all the parties involved in a Digital ID Ecosystem. Verifiers will have to pay the assigned price before they can check the credential’s status.
Both free and paid verifications will be supported and payments will be made in fiat currency.
User Privacy Is Always Preserved
Dock places a strong emphasis on privacy and user autonomy. These features were designed with the utmost respect for personal data, requiring explicit user consent for every verification process.
Digital ID issuers won’t know which specific user or credential was verified, ensuring a high level of confidentiality. This approach not only safeguards user privacy but also fosters a trust-based environment where individuals have full control over their digital identities.
Product Evolution in 2024
Here are the additional projects we’ll be focusing on for this exciting year:
Unlocking New Capabilities With Digital ID Ecosystem and Verifier Payment Features
Much of our development effort in 2024 will be spent enhancing these capabilities in response to our customers’ usage. This includes API changes to make it easy to access these capabilities in your solutions.
Enhancing Our Solutions Based on Customer Feedback
One of our guiding principles at Dock is to always listen to our customers and adapt to their use case needs. In 2024, a significant portion of our focus will be dedicated to enhancing the capabilities that matter most to them.
Empowering Organizations in Regulated Environments
Many of our valued customers operate in regulated environments where compliance and security are essential. To meet their unique needs, we will be conducting thorough scalability testing, improving redundancy, and enhancing disaster recovery measures. These efforts will ensure that Dock continues to be a reliable and secure partner in your journey.
Enhanced User Experience
At Dock, we are committed to delivering not only functionality but also an exceptional user experience. That's why we're dedicated to further improving our Certs platform and the Dock Wallet. We want your interactions with our tools to be intuitive, efficient, and enjoyable.
Interoperability and Adaptation
Digital identity landscapes are always evolving and we're keeping a close eye on the latest standards and trends. We're closely tracking the adoption of Mobile Driver's Licenses (mDLs) and the European eIDAS standard. This monitoring enables us to adapt and interoperate seamlessly with emerging credential formats to ensure that you remain at the forefront of digital identity management.
Simplified Integration with Wallet SDK
We're making our Wallet SDK even more developer-friendly. This means that integrating our powerful digital wallet technology into your existing mobile applications will be even easier.
Streamlined Documentation
We believe that accessing information should be as smooth as using our platform which is why we will be reorganizing our documentation. This will make it easier for you to find what you need and navigate our resources efficiently.
Connect With Us!
Have questions or a use case you’d like to discuss? Contact us anytime at info@dock.io or complete this form.
Conclusion
Dock is building the #1 Reusable Digital Identity platform.
The world is shifting away from traditional physical IDs and the limitations of single-use verifications, making way for the era of reusable digital identities. Reusable digital IDs have emerged as the catalyst for lightning-fast verifications, unlocking opportunities for monetization, simplifying the establishment of digital ID ecosystems, and facilitating secure data exchanges. All this is done while complying with privacy regulations and ensuring that data is in people’s control.
On top of all of our current platform features, we’re further empowering organizations to leverage verified data to enhance their operations by enabling them to create their own digital ID ecosystem and enable an automated revenue stream for credential issuers by giving them a way to charge for each credential verification.
Together, we're shaping the future of digital identity management and placing our customers at the center of the digital identity economy.
