Verifiable Digital Receipts

[IMPACT]

The solution revolves around a mobile wallet that creates a digital identity for an individual, and enables passwordless sign up/in, form completion and payments at participating online merchants.

Digital receipts for goods purchased with the wallet are issued as verifiable credentials to the wallet holder, and value added services can be accessed through the verifiable digital receipts:

Through the use of DIDComm and in line with SSI principles, user data is end-to-end encrypted and only visible/useable by the issuers, holders and verifiers upon credential sharing. This addresses a key concern of data exploitation cited by consumers around centralised approaches typically taken by digital receipt and loyalty solutions.

(1) Seamless Access to Credit at optimised rates resulting from reduced fraudulent applications

(2) Augmented credit scores and proof of expenses

(3) Delivery and Distribution

(4) Proof of Ownership in second hand markets/warranty purposes

(5) Item level verifiable credentials (eg car service history)

(6) Loyalty/Rewards

The value proposition to the three parties in the core ssi transaction:

(1) Merchants (Data Issuers)

(1.1) Reduced cart abandonment resulting from seamless onboarding and checkout

(1.2) Additional revenue stream from share in sales commission on value added services

(1.3) Direct communication channel with customers

(1.4) Access to loyalty/voucher system

(1.5) Access to open ecosystem of delivery/distribution

(1.6) Access to business credit through verifiable proof of income

(2) Consumers (Data Holders)

(2.1) Seamless access to finsector products at preferential terms due to increase data accuracy and additional data points

(2.2) Reduced onboarding and checkout friction

(2.3) Verifiable asset ownership registry

(2.4) Access to all value added services offered by ecosystem

(2.5) In-app expense tracking and budgeting

(2.6) Control over own data

(3) Insurers/Creditors (Data Verifiers)

(3.1) Consumer permissioned source of business

(3.2) Improved terms of business offerings resulting from reduced fraud and additional data points

(3.3) Significantly reduced onboarding friction

Another key construct of the solution is the ability for digital identities to create groups, and accordingly issue group credentials.

This is possible for digital identities controlled by businesses or individuals and allows for the following examples:

(1) A group of individuals pool their verifiable digital receipts to prove collective spending power (access to credit) or keep track of a mutual budget (a family)

(2) A group of companies establish a trusted issuer group enabling restriction credential issuers by verifiers

Lastly, each participant in the ecosystem of digital identities has the ability to build a range of trust scores/metrics that translates into increased opportunities in the ecosystem, for example:

(1) Retailers can establish themselves as trusted issuers of high value credentials

(2) Individuals can build reputation of selling quality goods in second hand markets

(3) Providers of VAS offered in conjunction with digital receipt data can build trust and reputation through quality of service

Interoperability between Cardano and Indy anchored DIDs/VCs: Cardano will be used for the establishment of trust registries as well as for credential revocation.

Self-governance of Emergent Communities: The ability for digital identities to form groups effectively enable the formation of DAO's

Circular Supply Chain: Although not part of the first implementation phase, the intention is to open the ecosystem up to delivery/distribution networks that gives merchants access to an open ecosystem of service providers.

The implementation of SSI solutions is challenging since there is a need for the simultaneous cooperation of issuers, holders and verifiers. We mitigate this by offering a payment and digital receipting solution that fulfils an initial value proposition which doesn't require this simultaneous cooperation between multiple parties.

Another challenge often cited is the lack of incentivisation. We mitigate this risk through the verifier pays issuer model that incentivises all parties.

Lastly, the complexity of SSI has also been seen as a hindrance to adoption. We mitigate this through offering simple products to our end users (they won't necessarily be aware that we're using SSI).

[FEASIBILITY]

The main deliverables and outputs of the project would be a (1) Mobile Wallet App, (2) Website, (3) suite of Smart Contracts and (4) Language specific encryption and credential issuance modules:

With sufficient resources we believe that these deliverables can be developed in parallel in 3 to 6 months:

(1) Mobile Wallet App

(1.1) Stripe/Peach integration to enable payments

(1.2) DIDComm V2 Enabled

(1.3) Credential Decryption, Storage and presentation

(2) Website

(2.1) Retailer sign up and payment gateway registration

(2.2) Implementation guides

(2.3) Credential Price Settings

(2.4) Vouchers/Business Partnerships (Not in first phase delivery)

(3) Smart Contracts to enable verifier pays issuer transaction upon credential exchange

(4)Language specific encryption and credential issuance modules (JSNode/Dotnet/Java/Python)

The deliverables will be developed by a react native developer, a full stack developer and a smart contract developer. Each developer is assumed to earn between $5,000 and $8,000 per month. This implies a total monthly cost of $15,000 to $24,000, resulting in a total cost of $90,000 to $144,000 over six months.

React Native Developer with at least three years experience. Stripe/Payment Gateway experience essential, SSI experience/knowledge advantageous.

Full Stack Developer with at least three years experience. SSI experience essential.

Smart Contract Developer with at least three years experience.

In house UI/UX Designer

The team currently consists of :

Tracking the implementation and testing of milestone submodules as detailed in feasibility section above. This can be done with github commits as well as regular standups to go through and gather feedback on progress made.

Implementation of final deliverables outlined in feasibility section above.

Signing up issuers/holders/verifiers.

Issuing credentials through verifier pays issuer scheme.

This is a new submission.

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