Managing Credentials with Blockchain Technology

Verifiable Credentials

Credentials are used to identify and describe individuals, be it qualifications like university degree certificates, assets like house deeds, records like birth certificates or capabilities like drivers license. They are traditionally issued physically.

Store Information

The owner of the identity has control over the identifiers which relate to them. This is done via a wallet, which can be on their mobile device, and stored on a distributed ledger or blockchain. A wallet is a piece of software that enables users to manage their digital identity and interact with different verifiable credential systems. A wallet can be thought of as a digital container for a user's verifiable credentials and associated keys, which are used to verify the authenticity of the credentials.

Share Information

Dealing with sharing data is tricky. There are issues that may occur, like data spillage or misuse/misrepresentation of data.

Spillage of data refers to the accidental or unauthorized release of sensitive or confidential information. This can happen in various ways, such as through a data breach or hack.
This can have serious consequences, such as financial loss, reputational damage, and loss of trust.

Personally Identifiable Information

PII stands for personally identifiable information. It is any information that can be used to identify a specific individual, such as their name, address, phone number, or date of birth. PII data is often sensitive and is subject to special laws and regulations to protect its privacy.

Lets classify them into three types:

1.User Maintained Credentials,
Bank details, Insurance, House deeds, Land records etc.
2.Government Credentials
PAN, Aadhaar, Driving License etc.
3.BlockChain Credentials
Startup India, IIT Degree Certificates etc.