Certificates Secured by Blockchain - Market Overview.

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Introduction

I can imagine how challenging it might be to purchase a new software for a business. They say that selling software is difficult, but hold on... Choosing the system on which your company's certification (often a critical aspect of operations) relies, seems to be much more complex. Today, my goal is to help you navigate through different digital certification systems, particularly those backed by blockchain technology.

DoxyChain is a digital certificate management system. Since 2019, we have been developing a comprehensive platform for issuing, signing, storing, managing and verifying digital documents. Since 2021, we have been particularly focused on the certificates niche. Based on our years of experience in this domain, I’ve written the following article.

In this article, you will learn:

• How DoxyChain defines a blockchain-backed certificate?
• Why blockchain certificates might not be the right fit for you?
• Market overview - based on a real use-case.

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1. Blockchain-backed certificates, as defined by DoxyChain

So, let's start with what DoxyChain understands as certificates. It's not just a piece of paper or a digital file (say, simple PDF). The technology behind the DoxyChain system makes the issued certificate a digital asset which has every action secured and sealed by advanced cryptographic technology. This asset has a specific value, owner and other characteristics which, if needed, can be independently verified and also transferred between parties.

To better understand the purpose of such a certificate, let's look at some real use cases from DoxyChain's clients below.

• Proof of Authenticity

Such a certificate proves the authenticity of a product, say, unique batch of carbon credits or painting by a famous artist. The buyer receives a unique digital document, guaranteeing the authenticity of the product from the seller, rather than a mere piece of paper. Such a certificate can be used to confirm the product’s uniqueness, hence its value/price. You can think of it also as a legal obligation before purchase/sale.

• Proof of Origin

Imagine a situation where you're buying a rare medicine or, say, Halal product. How can you be sure when, where and how these were manufactured? The expiration date printed on the packaging or just a line saying that the product meets the requirements are not enough. What if you could use your smartphone to check the origin (and even the whole supply chain) of the medicine and the Halal foods? Our clients can.

• Proof of Ownership

For some, blockchain technology ensures the integrity and indisputability of the ownership transfer transaction. Instead of the analog way of granting another party the ownership rights with a physical notarized document, one can use DoxyChain platform. WIth our solution, not only can you sign some legal contract but also cryptographically change the owner of a digital asset (certificate of ownership).

These examples are meant to stimulate your imagination. We could talk hours about other applications of blockchain technology. However, this article has a different purpose, and the introduction has become too lengthy already.

2. Why blockchain certificates might not be the right fit for you?

If what you've read so far doesn't resonate with you, you probably should consider ending your reading here. We are a solution for those who value the integrity and credibility of the documents they issue. We are probably more expensive than other non-blockchain solutions, as any other blockchain solutions are. So, a great question to ask is whether the highest level of security or the new business model introduction for your business are the priorities now. If not, it’s ok. We are ready to wait until that’s the case. Otherwise, if you are ready for the journey, let’s go! :)

3. Market overview

Blockchain-based solutions for certificates transform your document from a simple PDF into something with material and tangible value and grants you the real power of their management. There is a clear need (fit) for such a technology in the certification niche, so naturally DoxyChain is not the only solution on the market. We want to help you better understand where we stand in comparison to the competition out there.

Below is a table comparing our solution to competitors in the market. It focuses on a specific use case - a certificate confirming the authenticity of a product or a document. We compare various parameters, from technology and user experience to functionality.

Before we dive into the comparison, let's define the case study scope. The following points are formulated as user stories/requirements for the solution, picked out of real user interviews.

*Case study scope*

• A user would like the process of creating and generating a certificate to be intuitive and simple, even for people with limited technical knowledge.
• A user would like the ability to add additional files (e.g., test results, audit findings, reports, pictures or code files) to a certificate to provide full context.
• A user would like the ability to invite people to collaborate on the certificate (auditors, reviewers, board of directors, lawyers).
• A user would like the issuer, the recipient, and other authorized party to have an easy access to document validation or verification.
• A user would like the ability to suspend/revoke an issued certificate (real-time management).
• A user would like to participate in the blockchain to actively contribute to the network security and certification transactions validation.

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We compared the three groups: the public blockchain-based niche certification solutions (e.g. Blockcert, SnapCert), the public blockchains themselves (e.g. Bitcoin, Ethereum) and dedicated blockchain platform for comprehensive certificates management (e.g. DoxyChain). All three have their pros and cons. First group, for example, is great at addressing a specific need within educational credentialing giving the very basic access to blockchain. Second - is the best one for web3-native users and addresses decentralization rather than certification needs. Third is most suitable for business looking for the all-in-one platform for certificates management secured by a dedicated blockchain. The above infographic is just an invite to explore the landscape of blockchain certification platforms. The number of such entities is growing, which proves that the demand is there.

Summary

The decision of choosing a system for managing digital certificates is more challenging than it might seem. Having dedicated thousands of hours for research, user interviews and product development, we believe that DoxyChain solution meets the expectations of most entrepreneurs today. It delivers a comprehensive system, seamlessly connecting web2 and web3 best features. However, if you feel that it's not right for you, we would love to encourage you to explore other solutions that will meet your needs. In any case, we wish you the best of luck in running your business and collaborating with the right partners!