📇2. On-chain Verifiable Credentials
A Verifiable Credential is a collection of claims made by an issuer. On-chain verifiable credentials solutions enable the creation and verification of verifiable credentials.
ERC-5851 standard for verifiable redentials is the digital representation of credentials that are stored on an immutable blockchain ledger, which is naturally resistant to tampering and fraud, publicly visible, and can be audited.
These are temper evident credentials that allow the holders to prove that they possess certain characteristics (for example, passport verification, constraints like the value of tokens in your wallet, etc) as demanded by the verifier entity. They are used to securely store and verify data, such as educational qualifications, medical records, or pieces of information about an entity's background such as a name, government ID, payment provider, home address, or university degree and other credentials.
Verifiable credentials provide a simple, secure, and reliable way of sharing sensitive information without revealing the underlying data. The information stored in the credentials is cryptographically signed, ensuring that the data cannot be forged or tampered with. This makes them an ideal solution for secure data sharing and verification. (Note: entities are people, organizations, and devices) need to make many kinds of claims as part of their everyday activities. They can be used in a variety of sectors, including education, employment, healthcare, and finance. In this solution, we turned on-chain verifiable credentials into an efficient build-in KYC approach.
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