What are the Verifiable credentials and Decentralised Identifiers?

What are Decentralized Identifiers?

Properties of DID

  • They allow for the creation of unique, private, and secure peer-to-peer connections between two parties.
  • Their decentralized nature makes credentials always available for verification.
    Each party — an individual or organization — can create as many different DIDs as they wish. Using separate DIDs for different digital relationships and contexts prevents data correlation.
  • They are entirely controlled by the identity owner. DIDs are independent of centralized registries, authorities, or identity providers.

The relationship between DIDs, VCs, and BC (Blockchain).

  • An organization(Bob Marley’s Org)issues you a Verifiable Credential, they attach their Public DID to that credential
  • That same Public DID is also stored on the blockchain(an immutable record of data)
  • Org (Bob Lele’s Org) issues credentials to the holder (Mariam LeLe)
  • When someone (Bob Lele’s Org) wants to verify the authenticity/validity of the Credential presented by the holder (Mariam LeLe), they can check the DID on the blockchain to see who issued (Bob Marley’s Org) it without having to contact the issuing party (Bob Marley’s Org).

Verifiable Credentials Meaning

The Components of Verifiable Credentials

Benefits of Verifiable Credentials

  • Verifiable Credentials are private.
  1. The ID Holder can choose what attributes of their identity they want to disclose. For example, they could show their birth year without disclosing the day and month they were born in.
  2. The ID Holder is always in control of the relationship with ID Verifiers. They know what data was shared and when (there’s an audit trail) and can revoke that relationship at any time.
  • They are tamper-proof through the use of cryptography.
  • Verifiable Credentials can be verified anywhere, at any time. Even if the issuer does not exist anymore (with the exception of situations where the issuance of credentials happened using Private DIDs and the DID of the issuer was not written to the ledger).
  • Portable. Verifiable Credentials are yours to store in your wallet and share with whomever you want. The ID Holder is not “locked-in” to the organization who issued the credential.

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REDCAP Digital solutions is an Information Technology provider which deals in Identity and Access Management, Blockchain development, Software Development.

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REDCAP DIGITAL

REDCAP DIGITAL

REDCAP Digital solutions is an Information Technology provider which deals in Identity and Access Management, Blockchain development, Software Development.

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