Credential ecosystems bring together lots of different players within the trust triangle, each with their own motivations to capture value. If we want to build monetisation models that actually scale and last, we need to understand those incentives clearly.

a. Issuers

These are universities, banks, certifying bodies, governments, and employers. For them, revenue from credential issuance turns what used to be a simple admin task into a direct income stream, whether that’s diplomas, licences, or professional certifications. On top of that, verification fees provide ongoing revenue every time a credential is checked by a relying party. Some issuers also lean on subscription models, offering bulk issuance or verification as a predictable, recurring service. There’s also a reputational side. Through reputation markets, issuers can strengthen their brand and position themselves as trusted authorities. Being listed in trust registry listings adds another layer of credibility, attracting verifiers and clients who are willing to pay for recognised credentials. Finally, issuers can benefit from analytics and insights gathered from anonymised credential usage. These not only support better strategic decisions internally but can also be monetised or shared with partners across the wider ecosystem.

b. Verifiers / Relying Parties

Employers, banks, regulators, and service providers all benefit directly from using verifiable credentials. This means lower compliance costs because things like KYC, background checks, and audits don’t take as much time or money. They also give organisations more confidence in the data they’re looking at, which leads to reduced fraud risk and fewer liabilities. Another big advantage is cross-border usability. It is a big pro for companies hiring internationally, dealing with global banking, or even in areas like travel. And because verification happens faster, the onboarding process is smoother — which helps with customer conversion and retention, and ultimately brings in more revenue. There’s also a clear upside when it comes to insurance and risk reduction. By counting on verified data, organisations reduce their exposure to risk and, in some cases, can even lower premiums or liability costs.

c. Holders (Individuals)

For individuals, that refers to employees, students, customers, and citizens, the real value comes from the portability and utility of credentials. A data portability premium means people can reuse the same credential across different platforms and services, saving both time and money. On top of that, Reusability incentives add even more value, since a single credential can be verified multiple times without extra effort. There are also perks like loyalty and rewards. Think discounts, tokens, or access to premium services in exchange for sharing or verifying credentials. Participation in marketplaces enables holders to monetise their verified reputation, skills, or qualifications. Finally, by reducing administrative friction, reduced friction supports faster onboarding to services, improving access to employment, financial products, and educational opportunities.