Use Cases
Vaccination verification across borders.
The Global COVID Certificate Network is creating interoperable and trustworthy verifications of COVID certificates for safe global travel. Jurisdictions can upload and view each other’s certification criteria for vaccination, recovery from infection, and test results and decide whether to accept each other’s certificates. A variety of stakeholders are working to build a trust registry network and toolkits for building COVID certificate ecosystems to facilitate a seamless experience for travelers.
Applications
Smart Contracts
Smart contracts are digital contracts that are automatically executed when predetermined terms and conditions are met. Smart contracts use if/then statements written into code on a blockchain. A network of computers executes the action when conditions are met and verified. Bypassing an intermediary’s involvement, smart contracts automate the execution of an agreement. All participants can be certain terms were not altered and can immediately see the outcome.
Smart contracts can also be configured to automate workflows, like payment transfer, to be triggered when conditions are met. Transactions avoid the time loss of paper contracts and only parties who have been granted permission can see the results.
EXAMPLES
- An insurance policy that pays out automatically after a qualifying event
- A trust fund that automatically transfers funds once the trustee comes of age
Digital Identity
With blockchain technology, information about identity is immediately traceable, auditable, and verifiable. Individuals can create profiles and control data sharing. Issuers easily connect with others and provide nearly instant verification of credentials. Platforms are private and secure and don’t expose private data.
EXAMPLES
- Encrypted, complete healthcare records that can be easily accessed by healthcare providers, even as you change providers or insurance
- Vehicle records where prior ownership records or insurance claims can be easily verified. The DMV could track vehicle life cycle, assign license plates, and issue registration in seconds.
Supply Chain Management
Imagine tracking and tracing materials across an entire global supply chain to verify the provenance of goods and see a shipment’s location and status in real time. Recording transactions to a shared ledger provides visibility to all parties and eliminates current disjointed systems. With blockchain, all parts of the supply chain can combat counterfeit goods, waste, and ensure regulatory compliance. Easily accessible ledgers are also projected to reduce audit costs and fraud.
EXAMPLE
- Trace the supply chain of an agricultural product to verify its origin, compliance with food safety standards, and allow regulators to quickly trace and contain the source of an outbreak in the case of an emergency
Learning Credentialing
Students could have lifelong access to their learning credential and self-submit transcript records to employers and continuing education providers–eliminating the need for time-intensive verification by the learning provider. Since each record on the blockchain is added to the one before and can not be reversed without changing all the subsequent links, parties can trust that records were not altered or fabricated.
EXAMPLES
- MIT has been using blockchain to issue degrees since 2017
- More easily share and verify transcripts of students who transfer from community college to university