I always thought this was cool. What are peoples thoughts on using it along with an Awards system, perhaps giving characters who have earned it a stats boost in some appropriate area? Since Bloodstripes are only for Corellians for example, maybe it gives a +1 in fighter/freighter piloting or a +1 in ranged weapons or maybe both.
Other medals and awards could then be created for various species. I mean any culture is going to have its own unique awards and special honors so it makes pretty good sense if you ask me.