Cross-Ledger Transaction Support
Why Cross-Ledger Transactions?
Existing standards efforts are well on the way to providing format- and protocol-level interoperability among disparate DID systems so that DID-related assets will soon be practicably exchangeable via direct, off-ledger channels. This, however, is only one part of the equation that must be solved to enable widespread propagation of the technology.
A powerful benefit of distributed ledgers is their ability to create an economy. When coupled with DID technology, distributed ledgers can completely reorganize the incentives surrounding credential issuance and authentication, enabling cost centers to become revenue centers. This, in turn, creates new business models for DID participants, leading to new stimuli for adoption.
Therefore, one of GADI’s primary goals is to enable full, cross-ledger interoperability among member systems. The vehicle for fulfilling this aim is a distributed ledger that acts as an exchange platform for DID-related transactions and their associated cryptocurrencies.
Member systems will then interact, not only through agreed protocols but also under agreed economic models. In this way, for example, a government-run credential issuer such as a passport office can receive incremental revenue every time one of its issued digital passports is checked by a verifier or by certain verifiers. Part of this revenue can, in turn, revert to the credential user, thus creating more demand for the passport office’s product.