Verifiable Credentials: What Are They?
Digital Credentials are a revolutionary and enhanced method of acknowledging a person’s learning, accomplishments, skills, and expertise. Storing and displaying your talents and skills digitally allows you to keep everything organized virtually and, more importantly, provides for quick verification of your credentials.
Although digital documents aren’t recent, today’s credentials include encryption capabilities that make them tamper-proof, safe, and verifiable. A verifiable credential can contain all of the essential information as a physical credential. Verifiable credentials are more tamper-evident and credible than their physical equivalents because of the incorporation of technologies like digital signatures.
The most secure method of issuing and accessing the document is through verifiable credentials, and the records are maintained in digital databases. They can be protected from unauthorized access by a digital passcode.
These three components make up Verifiable Credentials:
Metadata: Metadata is information about data or information about relevant data that users desire. Metadata, to put it simply, is data about data. Metadata is used to assist users to comprehend the information and locate data in the data stores. It is used for creating, managing, administering, and using database systems.
Claims: Claims management requires a system to assist them in maintaining up-to-date documentation, preparing claims, and preventing the loss of important papers. The Claims Management System (CMS) allows businesses to implement computerized end-to-end claims procedures within their current system.
Data Proofs: Advanced technology capabilities have boosted the appeal of cloud services and solutions. Proof of data possession protocols (PDP) maintains the integrity of testing datasets maintained on cloud computers and meets a number of criteria, including convenience of use and reliability, security, and high accuracy.
The model of verifiable credentials is as follows:
The person or organization that develops the verified credential and issues it to an individual or organization is known as the issuer.
The individual or entity that now has the verifiable credential in the virtual wallet is the holder.
The validator is the individual or organization that receives the information that has been provided to them. They have the ability to instantly verify the information they get.
To put this another way, issuers offer credentials, holders preserve credentials, and verifiers request proof based on them.
Verifiable credentials have the following advantages:
The most secure method of providing a digital credential is to use Verified Credentials. Many digital credentialing solutions leverage blockchain technology to simplify the issuance process while ensuring bank-level security. Verified Credentials can be protected from unauthorized or third-party access by encrypting them with a digital key or code.
With Verified Credentials, the issuer’s name, receiver’s name, certification parameters, and also the date of issue and expiry, are all kept in electronic databases or metadata. These databases aid in the tracking of credential issuance as well as the document’s integrity verification.
Credentials that have been authenticated can be communicated in a range of methods. When someone receives a digital certificate, they are directed to a page where they can share it on social media platforms such as Facebook, Twitter, and Instagram, and also LinkedIn and by email. Verified Credentials also include a URL or link, which could be included in portfolios or resumes.