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What monetization opportunities exist?

Question: What are the opportunities for monetization exist for ecosystem participants?

The support for the Issuer, Holder, and Verifier model allows for multiple areas where monetization can be enabled. The Pan-Canadian Trust Framework (PCTF) adds a potential fourth party - a Witness - where there is a requirement for interaction or observation. Payment could go to one or more of the parties in the credential exchange triad. However, early monetization efforts may focus on direct cost savings to participants.

There are several discrete points that can be considered related to monetization:

  • Starting with monetization approaches (e.g. Holder pays extra for a digital identity card) may inhibit adoption and innovation. Proving the value (cost savings or new revenue) before fees are charged will be crucial.

  • More broadly – consider the UN SDGs – currently most models are unrealizable and will not be adopted by those who need to implement actionable outcomes. The use of verifiable credentials in various

  • Proof of ethical labour – important for investment community

  • Proof of sustainable on-farm practices – emission markets

  • ID issuance is a basic necessity for a jurisdiction and should be issued with as little cost to the ID holder as possible. Monetization of Commercial uses of IDs and ID information should be aligned with the utility that credential information provides.

  • B2B examples would include cost saving for many manual processes:

  • Compliance - on major job sites compliance checks (e.g. confirming all personnel are fully trained and certified for particular tasks; permitting) drive costs up. Many compliance checks could be fully automated. The Government of British Columbia has examined opportunities for this kind of automation.