Web 5 puts users in control of their own data. Right now your bank balance, credit card transaction history and the identity information on your utility bills are in dozens of databases owned by dozens of companies with dozens of terms of service you probably haven’t read.
The Verifiable Credential Selector (VCS) is an open source widget that makes it easy for you to gain possession of your data from Financial Technology (FinTech) apps. VCS uses Decentralized Identifiers and Verifiable Credentials so once you have control of your data, you can selectively share only what’s required - instantly rather than waiting minutes.
In the next few months, tbDEX will release the infrastructure for users to take possession and the VCS will make this upgrade easy for FinTech companies because today’s version uses the same standardized data format.
With the two providers, MX and Sophtron, already integrated, users can retrieve data from over 40,000 banks, brokerages, apps, utility companies, credit card companies and other financial institutions.