Verifiable Credentials are a digital representation of a skill, achievement, or qualification that a credible source has issued. As digital technologies continue to evolve, so does verifiable credentials’ importance. Organizations and individuals are seeking ways to prove their identity and qualifications online securely, and verifiable credentials are playing an increasingly important role in meeting that need. These credentials are tamper-proof and can be verified by any party, making them a trusted way to show that someone has the skills or qualifications they claim to have.
Organizations will be responsible for developing and issuing the credentials to users. Once users have received the credential, they can add it to their digital identity wallet. The digital wallet stores the credentials and only shares them upon the user’s authorization.
Using this technology, organizations and individuals can interact online with high confidence in one another’s identities. The ability to securely and easily prove one’s identity will enable organizations to validate qualifications and trustworthiness, ultimately improving efficiency and productivity by dramatically reducing the need for unnecessary security measures such as physical documentation verification (e.g., birth certificates) and multiple-step authentication processes, or time-consuming background checks.
Many organizations are searching for ways to upgrade their systems to include blockchain technology and self-sovereign identity (SSI).
The use cases for Verifiable Credentials will continue to grow as the world becomes increasingly digital. There are many potential benefits, including:
- A more secure way to prove identity and qualifications online
- A tamper-proof way to store credentials
- The ability to share credentials with others in a secure manner
- Improved industry compliance
- Increased trust and transparency
They can give your organization a significant advantage in terms of speed, security, and cost. In an increasingly competitive world, organizations are looking for any edge they can get. One way to stay ahead of the competition is to integrate blockchain technology, SSI and verifiable credentials. Verifiable credentials are worth considering if your organization is looking for an edge.
Contact us today if you’re interested in learning more about how these technologies can benefit your organization.