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.
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.
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.
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.
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.
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.
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.
New : 2020 Guidance for Decentralized Identity and Verifiable ClaimsGet the guide