Verifiable Credentials (VC) is an open standard developped by the European Commission to offer a new pattern for exchanging information that is distributed and decentralized, where blockchain acts as a single point of truth.
The objective is to help public administrations accelerate the creation of trustworthy cross border digital services.
Verifiable Credentials associate three concepts:
- Decentralized identifier (DID).
- Verifiable credentials lifecycle, which enables standardization and scalable implementation.
- Digital wallets, allowing user interactions exchanging digital credentials, where VC are supported on them.
The video explains the Verifiable Credentials, its infrastructure (European Blockchain Services Infrastructure, EBSI), and the vast opportunities that it currently provides, through a user’s journey (“Eva’s trip”).
SmartDegrees has adhered to this European initiative, incorporating the Verifiable Credentials standard in its clients since July 2020, and is participating in the Early Adopters Programme to ensure that SmartDegrees wallet takes full advantage of the value of this ecosystem in favor of the universities and the final users.
(Source: CEF Digital)
Related articles: EU joins forces towards European digital credentials, «El viaje de Eva”: Integración de la identidad digital por los gobiernos europeos, gracias a la tecnología blockchain, Europa prepara su identidad digital soberana blockchain, Despega la blockchain de las administraciones europeas