It was Friday night in New Orleans, and I was ready to kick off the weekend in true local style with a drink. I ordered my favorite wine on a food delivery app, but before the sale could be finalized, the wine store needed to verify my age. Seamlessly, they connected to my digital LA Wallet, and without sharing any extra details, my wallet confirmed I was 21+. Within 30 minutes, I was sipping my wine, in awe of the blend of tradition and cutting-edge technology - technology that I'm fortunate to work on, and also enjoy the convenience of.
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.
When you hear the term 'credential', what comes to mind? Is it a driver's license, passport, birth certificate, college degree, state ID? The common thread of these forms of credentials is that they are physical items, verified by recognized centralized bodies like a government agency or accredited university.
So how do credentials translate into the digital world where within a few clicks someone can make a fictitious identity? Introducing... verifiable credentials (VCs), a digitally signed electronic credential that follows an open standard that lets you create, own, and manage your credentials across a variety of platforms.