Decentralized Identifiers

In Finscale, the Identities are distributed and are based on DID, The Decentralized Identifiers (DIDs), are a new type of globally unique identifier. They are designed to enable individuals and organizations to generate their own identifiers using systems they trust. These new identifiers enable entities to prove control over identities by authenticating using cryptographic proofs such as digital signatures.

Key properties of DID supported by Finscale are

  1. Decentralized: There should be no central issuing agency;

  2. Persistent: The identifier should be inherently persistent, not requiring the continued operation of an underlying organization;

  3. Cryptographically verifiable: It should be possible to prove control of the identifier cryptographically;

  4. Resolvable: It should be possible to discover metadata about the identifier.

How user can use them?

Users looking for services from FI

  1. Manage the DID and be willing to prove the ownership or control over the existing DID (this could be done using cryptographic signatures)

  2. Credentials that are verifiable using the standard specified and can be used in asserting say

    1. The passport number is verified

    2. National ID is verified

How FI nodes can use them?

FI can ask for DID when users request any kind of service one use case is described as follow.

  1. The user asks to open a bank account from the wallet he does not see which bank but the user interacts with the suitable services.

  2. FI asks for the DID for the user once FI is able to establish the user's DID and it is able to resolve the documentation required in case of opening a savings account.

  3. FI can post back the quotes of the desired savings type or the account that the user could possibly open.

  4. The user would sign the Document or DID to be verified by the Verified Controller

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