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A leap forward in safe entrepreneurship with the organisational wallet

But what is an organisational wallet, what can you do with it and how is it different from a personal wallet? 

 

To start with, an organisational wallet is a tool to store, share and verify all kinds of evidence from an organisation as they are shared. This allows companies, (semi-) public institutions and government agencies to securely manage the certificates they issue, receive or need to be verified. This not only concerns certificates and statements, but also data such as a VAT number, a bank account number or a Chamber of Commerce number, which are issued to a specific organization by authorities such as the tax authorities, banks or Chamber of Commerce. This is of great importance in view of the new eIDAS 2.0 legislation, because it means that the provision of such certificates will no longer only take place on paper, but also completely digitally, in the form of so-called verifiable credentials. And they offer 100% certainty about who provided them and demonstrate that the content is not tampered with. The additional added value is that the origin can be validated fully automatically, and that the data provided can also be processed automatically in underlying systems.

 

What can you do with an organisation wallet?

The concept of sharing a VAT number and Chamber of Commerce number is currently being tested in a so-called 'small scale pilot e-Invoicing' with the Tax Authorities, the Chamber of Commerce and two parties that are the receivers. The aim is to give the recipient absolute certainty about the origin of a digital invoice, by using this new standard based on the DIIP profile. 

From this small-scale pilot, to which Credenco is making an important contribution, the application areas of a generic organizational wallet are explored and tested in practice, so that the underlying technology provides a well-workable solution. 

Not only specific organisations will issue these credentials in the future, but every company will issue, store and share them using an organisational wallet. For example, an employer's statement, required for applying for a mortgage, can be issued by any organisation to its employees. Or an insurance policy, identity statement or accountant's statement, which are issued by various organizations, and with which the organizations for which they are intended can proof that they have the correct papers. All these means of evidence will be issued as verifiable certificates to organizations that need them soon. After which they can share these certificates with other organizations, so they can determine without human intervention that the provider meets the required criteria.

 

Finally, what is the relationship with a personal wallet? 

At first sight, these are completely different, but in the digital world these two wallets will be used very often in combination of each other. For example, an authorization of a director of a company will end up in his personal wallet. This allows him to act on behalf of the company and identify himself as the authorized officer of the company. This gives him access to the organization's wallet and can thus share the organization's data with other parties. 

  

With the development of its organizational wallet, Credenco is taking an important step towards a more secure digital world, in which individuals and organizations can share information with each other with confidence. 


Want to know more or interested in a demo? Please contact us at contact@credenco.com

 



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