A verifiable digital credential (VDC) is a tamper-evident digital document that contains information about an individual, organization, or asset, and is issued by an authoritative source. VDCs are digital representations of physical credentials, such as driver's licenses or diplomas, that can be stored in a digital wallet and cryptographically verified.
The global issue of forged physical and digital credentials is growing, making the verification process slow, time-consuming, and costly for organizations. VDCs offer a solution by providing a digital, cryptographically secured version of credentials that can be verified.
In the VDC ecosystem, there are three key roles: issuer, holder, and verifier. Issuing organizations can create fraud-proof digital credentials, while verifying organizations can instantly authenticate them. This system gives individuals ownership and control over their data, enhancing privacy and security.
VDCs have a wide range of applications across various sectors, including supply chain, education, and finance, demonstrating their versatility and potential to streamline the credential verification processes.
These more secure credentials are gaining popularity globally because they meet key user privacy requirements and tackle several significant issues in the current identity management system. Their ability to enhance privacy, security, and control over personal data makes them an attractive solution for both individuals and businesses.
NDCs for identity
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