Generally, verifiable credentials represent identity, access and/or qualification. Verifiable credentials have numerous advantages over physical credentials:
The entity that generates the credential is called the Issuer. The credential is then given to the Holder who stores it for later use, likely in their digital wallet. The Holder can present a verifiable credential from their digital wallets to prove something about themselves by presenting their credentials to a Verifier.
These 3 parties work together in a secure environment to confirm credentials. This relationship is referred to as The Trust Triangle.
Any role in the triangle can be played by a person, an institution, or any Internet enabled device.
Liquid Avatar Technologies and the Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) creates a decentralized self sovereign identity platform, where a user (Holder) controls the verifiable credentials that they hold in their Digital Wallet(s), and they alone provide consent to use those credentials. This reduces the unintended sharing of a user’s personal data and any PII. This is in contrast to centralized identity systems where identity is provided by some outside entity.