With the ever-increasing demand for reliable and secure digital identity management solutions, a white label digital identity wallet is a convenient solution for organizations of all sizes. It provides a secure and easy-to-use application to manage digital identities while maintaining full control over your brand.
Digital identity trends:
- The global identity solutions market was estimated to be worth $27.9 USD billion in 2022 and is expected to grow to 70.7 billion in 2027, which is a Compound Annual Growth Rate (CAGR) of 20.4%.
- Data by Gartner shows that 30% of all national governments will enable Digital Identity Wallets for mobile phones by 2024.
- In one study, 90% of global consumers said they would be willing to use a single digital identity service instead of providing their personal details to every site they use.
The Importance of Digital Identity and Verifiable Credential Functionalities in a White Label Wallet
Digital Identity
Digital identity refers to the information and characteristics that define who you are online and enables you to interact with online services and platforms. It includes personal information such as your name, age, address, usernames, biometrics, and other details that can be used to identify you.
Verifiable Credentials
Verifiable Credentials are a digital way of proving your identity or other personal information in a secure and trustworthy way that can be checked instantly by verifying organizations such as an employer or financial institution. They are digital representations of credentials such as degrees, diplomas, certificates, and licenses that have been issued by a trusted source such as a university or government agency.
They are important because they enable individuals to have more control over their personal information. When issued in a privacy-preserving format, people can choose which credentials to share and with whom without having to reveal unnecessary personal information. This can increase security, privacy, and convenience for individuals, while also reducing the risk of fraud and identity theft.
Benefits of White Label Digital Identity Wallets
With digital identity and Verifiable Credentials, white label wallets are becoming increasingly important for organizations and individuals as the world becomes more digital and interconnected for these reasons:
Cost-effective
Compared to building a digital wallet from scratch, using a white label solution can save you time, resources, and money. It provides a ready-made solution that is already tested and proven to work, reducing the risks and costs associated with building a custom solution.
Enhanced security and privacy
Digital identity and Verifiable Credential products can increase the security of identity information and credentials by using advanced encryption technologies and instant authentication methods. This helps to prevent identity theft, fraud, and other forms of malicious activity. Users have full control over their data with the ability to choose what data to share.
Helps with data compliance
Helps organizations to comply with various regulations such as KYC (Know Your Customer), AML (Anti-Money Laundering), and GDPR (General Data Protection Regulation), which require them to verify the identity of individuals and protect their personal information.
Streamlined processes
Streamlines processes for organizations by enabling them to quickly and easily verify the identity and credentials of their customers, employees, partners, and other stakeholders. This can save time, reduce costs, and improve operational efficiency.
Benefits of Dock’s White Label Digital Wallet
Instead of investing significant amounts of money and time into developing a digital identity wallet from scratch to provide to users, organizations can simply customize Dock's pre-built digital wallet with their brand colors and choose which features they want to offer.
Dock’s White Label Wallet Features
- Interoperable wallet that follows the international standards set by the World Wide Web Consortium (W3C), an international community that creates standards for the World Wide Web
- Customize the wallet with your own preferences and brand identity
- Verify credentials instantly wallet-to-wallet or in person
- Manage your own app store profile and relationships with users
- Automatic wallet updates for easier maintenance
- Privacy features including encrypted data and Selective Disclosure
- Easy integration that speeds up getting faster to market
Features of the Dock Wallet that you can turn on and off
- Decentralized Identifier (DID) management
- Credential management
- Dock token management
Examples of two white label digital identity wallets
You can integrate your company's brand colors.
Wallet #1: The company Sisyphus has a brand with lighter colors:
Wallet #2: The company Quotient has a brand with darker colors:
Use Cases for White Label Digital Identity Wallet
Here are a few of the many potential use cases for organizations that can benefit from having a white label wallet to build an app with digital identity and Verifiable Credential technology.
Healthcare
A nursing school uses Dock’s white label wallet to customize a digital identity app that nurses can download to store their Verifiable Credentials that document their work licenses and experience. They can use the wallet to conveniently share their credentials to employers or other verifiers. As they get more training and work experience, employers can issue certificates and documents as Verifiable Credentials to build a digital record throughout their career.
Retail
A retail company with several stores can use Dock’s white label digital identity wallet to enable customers to manage their loyalty program memberships, digital coupons, and other retail-related credentials.
Travel
A travel visa company customizes a wallet with their brand to enable travelers to store their visas, passport, and identity documents that can be verified by airlines and travel authorities in destination countries.
Real estate
Real estate organizations can customize the Dock wallet with their own branding for an app where they can use the wallet to verify property ownership and lease agreements that can be shared with tenants, landlords, and other parties involved in real estate transactions.
Entertainment
Ticketing companies can brand their own digital identity wallet where customers can store their digital tickets and event passes to attend concerts, sporting events, and other types of events.
Conclusion
The use of white label digital identity wallets has become increasingly important for organizations of all sizes as they provide a secure and easy-to-use platform to manage digital identities while maintaining full control over their brand and user data. With the growth in the digital identity solutions market, more people are becoming aware of the importance of digital identity and Verifiable Credential functionalities. Organizations can benefit from streamlined processes, compliance with data regulations, and lower costs of using this solution rather than building it from scratch.
Dock’s white label digital wallet offers enhanced security, user privacy, easy integration, and cost-effectiveness. The use cases for requiring a white label digital identity wallet are vast and can be tailored to meet the specific needs of organizations across various industries, such as healthcare, finance, retail, travel, real estate, and entertainment.
About Dock
Dock is a Verifiable Credentials company that provides Dock Certs, a user-friendly, no-code platform, and developer solutions that enable organizations to issue, manage and verify fraud-proof credentials efficiently and securely. Dock enables organizations and individuals to create and share verified data.
Dock’s Solutions
- Dock Certs: Web app to issue and manage digital identity and Verifiable Credentials
- Certs API: Easy integration with your system to make your data fraud-proof and instantly verifiable
- Dock Wallet: Easily store and manage their digital credentials and identity (individuals) and verify credentials instantly (organizations)
Partner Use Cases
- SEVENmile issues fraud-proof verifiable certificates using Dock
- BurstIQ Makes Health Data Verifiable, Secure, and Portable With Dock
- Gravity eliminates Health & Safety certificate fraud with Dock
Learn More
- Decentralized Identity
- Verifiable Credentials
- Self-Sovereign Identity
- Decentralized Identifiers (DIDs)
- Web3 Identity
- Blockchain Identity Management
- Selective Disclosure
- How to Prevent Supply Chain Fraud With Blockchain
- BurstIQ Use Cases That Leverage Verifiable Credentials
- Blockchain Food Traceability: Enhancing Transparency and Safety
- What Are Digital Credentials?
- Data Compliance
- How to Prevent Certificate Fraud
- Digital Credential Platform
