You don’t need a blockchain.
Verifiable Credentials for Enhanced Supply Chain Traceability, Security, & Resilience
Transmute uses verifiable credentials (VCs) + decentralized identifiers (DIDs) to create cost effective supply chain data security at scale. Using VCs + DIDs together harnesses the benefits of centralization while eliminating the downsides.
The Drawbacks of Blockchain
Blockchains are an incredible innovation, but they’re not a one-size-fits-all solution.
In their current state, blockchains are a heavy and over-engineered tool for the job at hand when it comes to bridging data silos in global trade.
Blockchains have a high cost for creation and maintenance.
- Blockchains are expensive in public and private form, often gobbling up the margins of commodities they are being used to secure.
Blockchains are difficult to scale.
- Blockchains don’t scale well enough for reliable enterprise use, including large supply chain companies or large regulatory and customs agencies. Blockchains may require layer 2 solutions to meet these needs.
Blockchains lack interoperability.
- Blockchains aren’t interoperable with existing infrastructure or each other. To achieve interoperability, blockchains require additional adapters or layer 2 investments. Additionally, the cryptography many of them rely on is still considered very emergent and may not meet certain regulatory requirements. For instance, updated NIST requirements only recently allowed for an element used in Bitcoin and Ethereum to be used in blockchain applications.
The Benefits of VCs + DIDs
Applied correctly, VCs + DIDs are affordable, interoperable, and already standardized. The interoperability perks of VCs + DIDs give you the ability to work across existing systems, including distributed ledgers (DLTs) and blockchains. Using VCs + DIDs is a futureproof method to fortify supply chain data, using the right tool for the job.
- Using VCs + the appropriate DIDs provide the security benefits of decentralization and the efficiency benefits of centralization. Decentralization benefits include immutable claims and tamper evidence, while centralization benefits include scalability.
- Implemented by experts like Transmute, VCs + DIDs awaken superpowers — such as data portability, data minimization, and selective disclosure — without locking you into a single vendor or blockchain.
Karyl Fowler, Transmute co-Founder and CEO, is an expert in emerging tech and economic development in fields with high regulatory burdens such as FDA, HIPAA and ITAR. She holds leadership roles on the Decentralized Identity Foundation (DIF) Steering Committee, with the C26+ Smart Borders Working Group at the US-Mexico Foundation, as a Techstars Austin mentor, and serves as an advisor for SXSW.
Connect with Karyl on Twitter, and LinkedIn
About Transmute: Building on the security and freedom that Web3 promised, Transmute provides all the benefits of decentralization to enterprise teams seeking a cost effective, interoperable, planet-forward experience provided by experts in technology and industry.
Transmute was founded in 2017, graduated from TechStars Austin in 2018, and is based in sunny Austin, Texas. Learn more about us at: http://www.transmute.industries
