Discover more from Customer Futures
Verifiable data will become a blood supply for the new digital economy - but there's a twist
Today, data is sluggish. It finds it hard to get off the sofa. It's stuck in databases, stuck in folders, stuck in CRM systems.
Because once it leaves a cosy database, it can't be trusted.
Who has it? Has it been changed? Did it leave with consent? It's a mess. Our so called 'data economy' is a muddle of API calls between sleepy databases... we don't know what's come from where, or how to handle what's been shared.
But Verifiable Credentials are a breakthrough technology. They enable digital trust to travel WITH the data itself. Where it came from. If it’s been changed. Who it was given to.
Data - especially customer data - will finally be able to move freely. Not only across businesses, but *between* them. And without friction. Finally we'll be able to trust the data as it moves around.
But perhaps most importantly, we'll be able to trust it as it moves *via the customer*. Once verifiable data can be shared by the customer themselves, it changes the *very economics* of the value chain.
Reduce external data checks
With verifiable credentials, a company will be able to instantly check the authenticity of the data it receives. And to very high levels of assurance. All without having to contact the 'issuer' of the data directly.
No more relying on 3rd party data checks, brokers or agents. No more APIs all over the place to secure, maintain and update data at great expense.
Just leaner operations with higher margins. It’s simply better business.
Ask for less data
Rather than collect all the information on a bank statement, a business need only request proof of income. Rather than ask for the full university degree, they could ask for only the graduation date.
Organisations today are collecting way too much information - and at great expense. Verifiable credentials are a way to gather less data, at higher quality, and lower cost.
Collect better, smarter, faster data
Consider the customer experience transformation that becomes possible when individuals are the ones sharing the data - with just one tap.
Imagine ‘register, check-out and pay’ in one click. Long forms can be completed in seconds - and actually removed from the registration process completely.
This will save *hours* (even days) of customer data checks.
But also massively reduce phishing and fraud too - because it will work both ways. Customers will be able to know who the business is too.
Check the data in real time
Customers will be able to see - and even correct - the data about themselves as it is shared. This is the opportunity to solve the customer data quality problem from the source…
Verifiable credentials are just one of the big shifts that are about transform the digital landscape.
And data is going to start flowing like never before...
If you enjoyed this and want to learn more about the future of customer data and digital relationships, why not sign up: