Verifiable Credentials can bring a new level of privacy to identity verification in #DeFi.
12 May 2023, 16:32
Verifiable Credentials can bring a new level of privacy to identity verification in #DeFi 💡
Here's how these two revolutionary technologies could join forces 👇
First off, what are Verifiable Credentials? 🎓
They're tamper-proof and instantly verifiable digital equivalents of physical credentials like a driver's license or a diploma, stored securely on peoples’ identity wallet apps.
With VCs, you could prove your ID without compromising your privacy.
Imagine proving something about yourself while remaining anonymous! Cool, right?
This could reshape how we access financial services, by reducing fraud, increasing privacy and making onboarding very fast!
According to Gartner, by 2026, 500 million smartphone users will be regularly making verifiable claims using a digital ID wallet built on blockchain tech.
This means DeFI projects will be able to request verified privacy-preserving data when VCs are massively adopted.