Developing a more secure digital identity ecosystem using verifiable credentials
Verifiable credentials (VCs) are digital credentials that enable individuals to prove their identity and qualifications in a secure and tamper-proof way. VCs can be used in a variety of real-life scenarios, from representing a driver’s license and enabling secure access to your medical records to verifying college and university degrees and academic achievements.
Many industries, such as financial services, healthcare, transport, IoT, government, and education are beginning to adopt VCs to manage a sizable amount of sensitive and confidential information about their clients, including financial and personal data. But companies are just beginning to investigate what is required to comply with various regulations and standards to protect their clients’ information and maintain their trust. By adopting a standard for VCs, companies can streamline their processes for verifying clients’ identities and credentials, reducing the risk of fraud and identity theft.
You can read the full article published on Biometric Update here.
OASIS is launching the Lightweight Verifiable Credential Schema and Process (LVCSP) Technical Committee (TC). The schema can help create a safer digital identity environment as individuals share their identity attestations across platforms and services. The inaugural meeting will be held on June 8, 2023 at 10:30am ET. Please check the group calendar for meeting links closer to the date. Participation in the TC is open to all interested parties. Please contact firstname.lastname@example.org for more information.