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Issuing a Known Business Credential

Known Business Credentials (KBC) are Verifiable Credentials designed to streamline the Know Your Business (KYB) process for tbDEX protocol users.

By issuing this credential, the PFI attests to the business’s legitimacy and compliance with regulations, allowing the PFI to engage in financial activities with the Wallet application without requiring individual KYC for each customer.

Important

This guide is intended for educational purposes only and does not constitute legal advice. Compliance programs may have varying requirements. Consult your legal and/or compliance advisors to ensure that the KBC is consistent with your legal and compliance obligations.

In this guide, we'll cover how to:

• Design and issue a KBC
• Specify a KBC as a required claim in an Offering

Environment Setup

If you haven't already, please follow the Credential Issuance Server Setup Guide for detailed instructions on the dependencies and packages needed to set up your server.

Issue Credential

To issue a KBC, call VerifiableCredential.create() and pass in the URL to the credential schema the VC is based on.

We've designed an open source schema for KBCs that you're welcome to use at https://vc.schemas.host/kbc.schema.json.

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In the example above, signedKbc is a token that you can safely provide to the business you're issuing the KBC to.

Specify KBC as Requirement

If you issue a KBC to a business, you'll want to specify that credential as a required claim on any applicable Offerings you may provide.

note

The id property is a string that uniquely identifies the input_descriptor. It is required and must be unique within the presentation_definition.

Create Presentation Definition

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Add Required Claim to Offering

Now that you've defined your requirements, you can add them to any relevant Offerings.

JavaScript

Kotlin

Swift