What issues will Verifiable Credentials address?

There are multiple issues with our traditional verification process. The traditional verification process is becoming increasingly difficult to manage due to its complexity and time-consuming nature. It requires the holder to show the entire credential resulting in exposing the personal information which is not even required to be shared. It can be a lengthy process to manually verify the authenticity of the document, especially in cases where multiple documents are needed for authentication.

With the advancement of technology, it is now easier than ever to create fake documents that appear authentic. This makes it difficult for individuals and organizations to trust the authenticity of any physical certificate or document they receive.

The consequences of forging physical certificates and documents can be dire, as they can lead to misuse of data, manipulation of records, frauds, scams, identity thefts and other criminal activities.

To resolve the aforementioned challenges, Verifiable Credentials play a crucial role and offer several benefits:

• Verifiable Credentials help in automation, reducing time, effort, and cost. The information that a physical credential contains can also be represented by a verifiable credential.

• Verifiable credentials are more tamper-evident and reliable than physical credentials.

• They can be issued quickly and can be instantly presented to the organizations for the verification.

• Verifiable Credentials are private, and users can always choose what attributes of their identity they want to disclose.

• These can be verified everywhere, anytime instantly.

These benefits contribute to a more efficient and secure verification process, alleviating the issues associated with traditional methods.