Who are you?
Bob met Alice at a party and fell in love with her at first sight. Bob tried to introduce himself by giving away his personal information such as his name, and his job. But how could Alice know that Bob is telling her the truth?
Luckily, Bob happened to know her friend
Carol, who went to the same high school with him. Carol told Alice how amazing Bob is. Alice trusted Carol and later went out on a date with Bob. They got married a few years later and lived happily ever after.
Paper Credential
In the example above Alice did not believe who Bob is at first but later believe him through a trusted third party, Carol. In fact, this is also how identity and trust work in business transactions. Identity can be given by trusted authorities in the form of credentials. The credentials can then be shown to other people or organizations as the proof of identity.
A credential could be any document that contains identity information of an entity which could be a person, an organization or even a pet. This includes ID cards, medical health records, academic certificates and tax invoice. For example, a national ID card is one type of identity credential that is issued by the government. When you open a new savings account at a bank using your national ID card, the bank does not trust you directly but trusts the government who issued you the card.
But what if the ID card is fake?
The only way that the bank could verify the ID card is to manually check it against the government’s database. This process is time-consuming and expensive.
Verifiable Digital Credential
Most credentials nowadays are still in physical forms, being
made of either papers or plastics. However, there are a few
problems with these “paper” credentials. Paper credentials can
be easily forged and modified whereas verifying their integrity is often difficult and expensive. Using paper credentials on the
internet is also clumsy and requires uploading pictures of
physical documents.
These problems can be seamlessly solved by using digital credentials.
A digital proof of a credential can be used to rapidly check whether the credential is valid. Any modification on a credential can also be easily detected.
For example
you could obtain a digital version of your national ID card from the government and use it to open a new savings account. The bank could then use the digital proof of the ID card and verifies it in an instant.
Finema Blockchain Comes to the Rescue
Similar to how Bitcoin stores monetary transactions, Finema blockchain provides a secure and immutable storage for proofs of credentials. It is important to note that no sensitive information is stored in the blockchain. This is to ensure that the credentials are kept secure in users’ own devices, and no one can steal their personal information by simply gaining an access to the blockchain.
Our blockchain
enables a new paradigm of decentralized digital identity and provide a common trust domain for digital identity.Decentralized digital identity with verifiable credentials will revolutionize how we think about our own identity, allowing fora faster and more secure digital world.
