Verifiable Credentials
Verifiable Credentials (VCs) are a type of digital credential that are issued and verified by trusted parties. They are designed to provide a secure and tamper-proof way to represent and exchange data.
In Portabl's context, VCs are used to represent personal data that is owned and controlled by the user. VCs enable users to share their data with trusted parties, such as financial institutions, while maintaining control over their personal information.
How do Verifiable Credentials work?
VCs are built on top of decentralized identifiers (DIDs) and digital signatures. A DID is a globally unique identifier that is used to identify a person, organization, or thing in a decentralized manner. Each DID has a corresponding public key and a set of metadata that describes the entity it identifies.
When a user receives a VC, it is accompanied by a digital signature that has been generated using the issuer's private key. The digital signature serves as proof that the issuer of the credential is trusted and that the credential has not been tampered with.
To verify a VC, the verifier can check the digital signature against the issuer's public key and ensure that the metadata associated with the DID is correct. This provides a secure and decentralized way to verify the authenticity and integrity of the data represented by the VC.
Why are Verifiable Credentials important to Portabl?
VCs are a key component of Portabl's mission to give users control over their personal data. By using VCs, users can choose which data they want to share with third parties, and they can do so without compromising their privacy or security.
In addition, VCs can help reduce fraud and streamline data sharing processes. With VCs, trusted parties can quickly and easily verify the authenticity and accuracy of data, which can help prevent fraud and speed up decision-making processes.
Overall, VCs provide a secure, decentralized, and user-centric way to represent and exchange personal data, which aligns with Portabl's values and goals.