Hello and welcome to the first official blog post for Credential Master!
This new site and blog series has been a long time coming. When Sam Smith and I first partnered with Alan Davies it was more than a year ago, near the end of 2019, and we knew then that Credential Master was super early. It’s now mid-2021 and it’s still early in the VC/SSI space, though now much less so. A lot has happened.
What were we early for? 2019 was still early to bring to market an enterprise-class VCM (Verifiable Credentials Manager). Why? Because you could probably count on your thumbs (thumb?) how many organizations in the world had more than 5,000 VCs in production in 2019, and it was all in pilots, not yet full roll-outs. By the end of 2020 that number may have grown to include all the fingers on one hand. Now in 2021, things are accelerating rapidly, due primarily to nearly frantic pandemic-induced VC adoption in the travel and health industries and also due to growing adoption in the financial sector, specifically in the US credit union industry.
2022 is set to explode, as you can see in the “Industries Adopting VCs” section of the Power of VCs page, and even that is tiny compared to VCs’ final stop: ubiquity.
We predict that every operating organization will need some form of VCM, because every organization will need to manage the lifecycle of the VCs they’ll issue, hold, and verify. Why? Read that Power of VCs page and you’ll get the gist, or just attend any cybersecurity conference and hear the doom and gloom. VCs represent a transformational breakthrough in digital trust, and digital trust is in dire need of a breakthrough.
So not only does VC adoption need to happen, it is happening. The world is about to change, in some very good ways.
We aim to bring a perspective in our blog series that’s not yet heard anywhere else, one focused primarily on the administrative issues unique to preparing for and moving around “authentic data” in production, in reality. As every enterprise VC practitioner will soon learn, there’s a lot more involved in managing the VC lifecycle than simple ‘demo’ interactions between Alice and Bob (something Sam rightly calls the “toy” use cases). A lot more. As that realization sets in, so grows the need for VCM in any form, and for enterprise-class VCM for larger implementations.
So VC nerds rejoice, we’re gonna dive deep, and are glad to have you along for the journey!
Timothy Ruff, CEO