Ecosystems

Meeco's Secure Value Exchange (SVX) platform supplies the building blocks to implement an interoperable data ecosystem, designed around your enterprise use cases. In Web3, those use cases unlock the power of permissioned personal data and lay the foundation to create Personal Identity Ecosystems (PIE’s). This new paradigm vastly increases user experience, privacy and security for your organisation and its end-users. Enterprises can explore radically new business opportunities built on digital trust, or, upgrade existing successful Web2 apps to Web3 by embracing trends such as:

• decentralised identity

• verifiable credentials

• privacy-by-design, and

• security-by-design

Types of Ecosystems

Depending on the desired reach of a use case, an enterprise can choose to implement different types of ecosystems:

• Open Ecosystems (aka Public Ecosystems): for broadly applicable use cases, such as the issuance, verification and management of a driver’s license, university diploma or first aid certificate across various organisations and users.

• Closed Ecosystems:

  • Private Enterprise Ecosystems: Verifiable Credentials (VCs) issued by an enterprise to its users. For example: a company issues an access VC to employees, enabling them to gain access to software or buildings via a verification workflow.

  • Personal Identity Ecosystems (PIE’s): are user-centric networks and platforms specifically designed around digital identities and personal reputation management while offering high standards for end-user privacy and data protection.

• Linked or Interoperable Ecosystems: combine a government credential with a means of payment to allow frictionless onboarding to an eCommerce platform or service.

PIEs enable data oriented relationships between consumers and service providers. Knowing that these ecosystems will thrive on user adoption and data availability, use cases should focus on trust and reliability of its ecosystem. Once an ecosystem has proven its value through various use cases and has yielded a vast user base, further growth will depend on ecosystem interoperability as it will attract and share participants of neighbouring ecosystems.

Source: Liminal Research: “The Life of PIEs, The Journey to Personal Identity Ecosystems” (2021)

Participants and Components of an Ecosystem

SVX delivers modular components to build an enterprise ecosystem. There are different ecosystem participants that act within various roles. Meeco has developed and defined participants and their roles within SVX as follows:

• Identity Providers (IDP) together with trust anchors bootstrap the ecosystem by delivering verifiable data and promoting trusted relationships.

• Digital identity wallets allow users to hold and manage their digital identity, assets, credentials, cryptographic keys and DID’s.

• Secure data stores enable enterprises to securely store their own and their customer’s data. They also allow wallet Holders to back up data from their identity wallet and securely store or share private data.

• Verifiable Data Registries (VDR) allow Issuers and Verifiers to publish relevant information for stakeholders to view, including credential revocation transactions, credential schemas, and list other trusted Issuers and Verifiers.

Interoperability

As the number of data ecosystems grow, it will become more beneficial for the participants involved to combine or join ecosystem networks. This will allow them to share services and yield mutual benefits. Whether it is sharing a credential to a trusted Verifier from another ecosystem, or issuing credentials to end-users that have onboarded via an external ecosystem, linked ecosystems will enable wider reach for enterprises and provide end-users with seamless experiences.