What Are Verifiable Credentials?
The world is full of credentials. A credential is a digital assertion containing a set of claims (identity attributes such as name, address, age, gender, etc.) made by an entity about itself or another entity. Passports, drivers’ licenses, insurance cards, and credit cards are all common examples of credentials. But while digital records are nothing new, today’s credentials come with certain “cryptographic superpowers” that make them tamper proof, secure, and verifiable.
Credential verification is at the heart of the MemberPass Trust Network™, which is where two entities who have MemberPass™ will exchange credentials, information or value on a private, secure peer-to-peer basis. MemberPass™ was built upon internationally accepted digital credential standards, developed and published by the Worldwide Web Consortium (W3C); these standards have been accepted by many industries (not only financial services) for use in developing a verifiable digital credential schema. When digital credentials conform to the W3C’s (www.w3.org) verifiable Credentials Data Model, they are called verifiable credentials. They facilitate interactions using a pattern referred to as the MemberPass™ Trust Triangle.