Verifiable credentials (VCs) are tamper-proof credentials that can be verified cryptographically on the blockchain while representing all the same information as a physical credential. VCs are doing for physical credentials what crypto has done for cash. There are three parties involved in verifiable credentials:
-
Issuers. These create and transfer VCs to holders. VCs can be issued to represent milestones, accomplishments, and significant activities.
-
Holders. Holders possess VCs in their wallets and present them to others. They can be an individual like you and me or an entity.
-
Verifiers/relying parties. These receive the presented VCs from holders and rely on the credentials to grant access or process transactions.
