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    Home»Fintech»All organisations need wallets – and wallets need a critical mass of verifiable credentials.: By Bo Harald
    Fintech

    All organisations need wallets – and wallets need a critical mass of verifiable credentials.: By Bo Harald

    FintechFetchBy FintechFetchOctober 29, 2025No Comments5 Mins Read
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    Why?

    To be able to use these general-purpose applications (branded EUBWs) for exchanging verifiable credentials of all sorts with each others – be they customers, suppliers, partners, public sector units, staff – and their wallet carrying AI-agents and robots.
     

    By renaming – at least for newish aspects – the verifiable credentials to verifiable containers (for shipping data – payloads..)  – we can get more focus on how the content needs semantic unification and standardisation to bring fuller automation.

    https://www.linkedin.com/posts/bo-harald-4768b51_verifiable-credentials-arent-credentials-activity-7388610676321251328-TLLK?utm_source=share&utm_medium=member_desktop&rcm=ACoAAABPj1oB9_D7YNYACmHvY9HioUqpuULqZCo

    There are many global and local initiatives going on and will try to keep tracking them. Must say that ChatGPT is a good help here. 

    Consider the Digital Product Passport (DPP)  – one of the hottest practical implementations of the
    UN/CEFACT semantic and interoperability frameworks. And how EUBWs will serve also here.

    DPP = Digital Product Passport — a structured, machine-readable data container that travels with a product throughout its lifecycle.

    It is meant to carry verifiable, standardised information about that product — materials, composition, origin, repairability, carbon footprint, etc.

    The goal is to enable traceability, circular economy, and compliance — especially for sectors like:

    • Batteries (already mandatory under EU Battery Regulation),
    • Textiles,
    • Electronics,
    • Construction products.

    UN/CEFACT provides the semantic and syntactic foundations for DPP implementation — the “grammar” that makes these passports interoperable globally.

    They’re doing this through:

    1. Semantic models (core component library, or CCL),
    2. Business process models (BRS, RSM),
    3. Data exchange syntax (e.g. JSON, XML, EDIFACT),
    4. Alignment with W3C Verifiable Credentials and eIDAS trust models (for authenticity and provenance).

    In short:

    UN/CEFACT = the international layer that defines how a DPP “speaks” and interconnects with supply-chain systems and trust infrastructures.

     

    🔹 Relationship to EU policy

    The European Commission’s ESPR (Ecodesign for Sustainable Products Regulation) mandates DPPs — and UN/CEFACT provides the global alignment layer so they aren’t EU-only artefacts.

    🔹 In short

    DPP in UN/CEFACT = the international, machine-understandable schema and process model for digital product data — trusted, portable, and verifiable — enabling circular economy, compliance automation, and
    AI-agent-ready traceability.

    I then asked how EUBWs will take it forward

    ChatGPT said:

    Excellent — this is where the puzzle pieces finally start to lock into the EU Trust Infrastructure.

    Let’s unpack it bluntly and structurally:

    🔹 DPPs in the context of EUBWs (European Business Wallets)

    Digital Product Passports (DPPs) are data containers with attestations about products.

    EUBWs (European Business Wallets) are data containers with attestations about organisations.

    When combined, they become the backbone of trusted data flow in the Circular & Data Economy.

    🧱 1. The logic chain







    Layer

    Description

    Role

    EUDI-Wallet (citizen)

    Verifiable credentials about persons

    “Who you are / what you can do”

    EUBW (business)

    Verifiable credentials about organisations

    “Who your company is / what it produces / what it’s authorised to do”

    DPP (product)

    Verifiable credentials about things

    “What this product is / made of / where it came from”

    Together: Person → Organisation → Product, all interlinked by trustable credentials.

    🔹 2. How DPPs use EUBWs

    DPPs will not live in wallets themselves (they’re too large and constantly updated),

    but their verifiable credentials and provenance proofs will be issued to and by wallets:








    Actor

    Wallet type

    Role

    Manufacturer / importer

    EUBW

    Holds its organisation credentials (e.g. EU Company Cert, Tax ID, CE marking authority) and issues DPP credentials for each product batch

    Regulator / conformity body

    EUBW / GovWallet

    Issues attestations into the DPP (e.g. inspection, carbon footprint)

    Retailer

    EUBW

    Verifies DPP credentials received from supplier’s wallet

    Consumer

    EUDI-Wallet

    Can view verified DPP data when purchasing or recycling

    So the DPP data layer is anchored to EUBWs via verifiable credentials that say who issued, under what authority, and when.

    🔹 3. Typical credentials and interactions








    Example Attestation

    Issuer

    Holder

    Verifier

    EU Company Certificate

    NCA / Registry

    Manufacturer

    Everyone

    Product conformity attestation

    Notified body

    Manufacturer

    Customs, retailers

    Carbon footprint data

    Certified auditor

    Manufacturer

    Regulator

    Material composition (DPP element)

    Manufacturer

    Consumer / Recycler

    Consumer App

    Each of these attestations lives in the wallet, referenced in the DPP record (URI or DID).

    🔹 4. The trust structure

    All of this runs on the EU Trust Infrastructure stack:

    Trust Layer       → Trust registries, QTSPs, DIDs/URIs

    Wallet Layer      → EUBW / EUDI-Wallet interoperability

    Attestation Layer → DPP credentials, conformity certificates

    Data Layer        → Actual product data (JSON-LD, UN/CEFACT schema)

    Application Layer → Circular economy, carbon reporting, AI-agents

    That stack ensures that every DPP entry has a provable issuer, integrity, and policy — no more unverifiable sustainability claims.

    🔹 5. Why this matters

    • Compliance automation: ESPR, CSRD, and due-diligence reporting can be machine-verified.
    • Circularity & reuse: verified material data supports recycling, repair, and secondary markets.
    • AI-agents & digital twins: can reason over trusted DPPs directly (instead of scraped PDFs).
    • Fraud prevention: provenance “phoning home” stops counterfeit DPPs.

    🔹 6. The big picture

    EUBWs are the institutional trust anchors of DPPs.

    Without verifiable organisation identities and authority proofs in EUBWs,
    DPPs would just be another unverified database.

    Needless to say that EUBWs and verifiable credentials of all sorts will have an immense impact – in all sorts of banking services. DPPs surely in financing, factoring, leasing etc. The first step for banks is to take their own EUBWs in use. 

    Spherity has done groundbreaking work also with DPPs

     

     



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