Verified Credentials

Credentials that are not stored on a single server and are verified, like think of Aadhar (link) but operated by users and verified by entities who are using them.

Use case on finscale

Jane is opening an account at MidBank in Finland. As part of that process, the bank asks her to provide two from a variety of possible sources to confirm her identity — a so-called "Know Your Customer" check. She selects government-supplied verifiable credentials that confirm she receives postal mail at a certain address and that she has a national ID card. Confirming these allows the bank to open her account and be confident in her identity when she conducts transactions.

Verified credentials

VC specification provides a standard way to express credentials across the digital world in a way that is cryptographically secure, privacy-respecting, and machine-verifiable. The addition of zero-knowledge proof (ZKProof) [3] cryptography to VC constructions (e.g. SNARK credentials) [4] can further advance privacy and safety by preventing linkability across disclosures, reducing the amount of data disclosed, and in some cases removing the need to expose raw data values at al

[ 1 ] TBDEX