Verafide launches UK’s first open-source solution for verifiable credentials
By Joy Dumasia
Verafide, a verifiable credentials technology provider for issuers, holders and verifiers of digital credentials and ID, announced the launch of their platform on the SETL enterprise blockchain. The open-source solution enables any community, network or organisation to set up and maintain a digital credentials ecosystem.
Verafide offers a comprehensive toolset to issue, hold and verify digital credentials – a personal, secure digital certificate that proves a fact, a right or a qualification – combined with an integrated payment solution to allow organisations to commercialise their issuance.
Use cases include various KYC and legal documentation scenarios for financial services firms, proof of identity or age, digital credentials, and evidence of vaccinations or professional qualifications.
Verafide aims to bring digital identity and verified credentials into one digital wallet, putting the owner in complete control of what happens with their personal information.
Portable certificates can be passed between the holder and verifier like a digital passport, without the need to share details of interactions or transactions with the original ‘issuer’ of IDs, so personal information remains protected.
Joshua Daniel, Chief Engineer, Verafide, said: “Last summer we won a competition launched by Innovate UK, the UK’s innovation agency, and were awarded funding to realise our ambition to solve the issues around existing verifiable credentials data. Since then, we have been working tirelessly to build digital trust and resolve the inefficiencies in how credentials are created, shared and verified. We aim to work with natural trust infrastructures where issuers and holders of credentials will benefit from digitisation.”
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August 18, 2022