The verifiable digital credential system CREDEBL has been included in the registry of digital public goods maintained by DPGA. The solution aims at simplifying the complex process of issuance, storage and provenance of data in real-time while maintaining user privacy with global standards of the World Wide Web Consortium on decentralised identifiers and verifiable credentials.
According to DPGA, a digital public good should be open-source software, open data, open AI systems, and open content collections that adhere to privacy and other applicable laws and best practices, do no harm, and help attain the Sustainable Development Goals (SDGs). Based on this definition, a set of nine indicators is used to determine whether or not a solution is a digital public good.
“AyanWorks Technology Solutions will benefit immensely with this global and unique recognition, which is the first in India in the self-sovereign identity technology domain. While we are working with our global customers across America, Africa, Europe, and APAC in the self-sovereign identity tech, this recognition will support us to further scale our business operations besides bridging the deficit in the identity and verifiable credentials domain. We now being a Digital Public Good Company can get seamless access into managing mega mandates for such countries,” said Kalyan Kulkarni, chief executive officer and co-founder of AyanWorks.
He added, “According to a recent report from Market & Market, decentralised identity is worth $285 million, aiming at growing to $68-$75 billion in the next 2-3 years with a growth at a compound annual growth rate (CAGR) of 88 per cent. With this prowess of being recognised as a DPG, we will be able to target at least 10-20 per cent of market share globally that will help our company grow six to ten times in terms of size and scale.”
The announcement came at a time when India has offered support to other countries in building platforms similar to Aadhaar, Unified Payment Interface (UPI), DigiLocker etc.
Countries like Antigua and Barbuda and Trinidad and Tobago from the Caribbean, Africa’s Sierra Leone, Suriname in South America, Armenia in East Europe, and Papua New Guinea and Mauritius in Asia have signed memoranda of understanding (MoUs) with India for DPGs. As per discussions at the G20 summit, India will also volunteer to create and host a global repository of digital public infrastructure (DPI).
“It is time for governments across the world to act on securing the rights of citizens by enabling them to take control of their information. Adapting the open-source technology will help governments in bringing more confidence, transparency and community support to scale faster,” Kulkarni said.
CREDEBL helps to drive and increase the adoption of verifiable digital credentials across various sectors and industry domains including e-governance, national digital identity, immigration and travel, education, human resources, healthcare, trade traceability, and many more.