Self-Sovereign Identity
Self-sovereign identity (SSI) is a model for managing digital identities where individuals have full ownership and control over their accounts and personal data. With SSI, individuals can store their data on their devices and share it for verification and transactions without relying on a central data repository. This approach ensures privacy and gives users control over how their personal information is stored and used.
Velocity Network implements a self-sovereign identity model that focuses on a specific subset of identity records, encompassing all records related to an individual’s career, education history, and accomplishments.
Self-sovereign identity (SSI) represents a fundamentally new way to move and prove information about your career and education qualifications in the digital world. In the process, individuals can benefit from enhanced agency and privacy and streamlined access to economic opportunities, while organizations can benefit from more accurate data, better security, and vastly improved customer experiences.
The Velocity decentralised trust ledger is not used to store any personal data but only the proofs required for supporting verifiable credentials. It is also used for handling credentials that end up being revoked. Additionally, Issuers’ and Relying Parties’ profiles and the smart contracts that govern the Network are managed be on-chain.
Beyond being a technological advancement, Velocity Network represents a significant shift in distribution of power across the worlds of work, education and research. For too long, centralized institutions have controlled access to opportunities, often creating unnecessary complexity and financial barriers. Velocity Network aims to change this by decentralizing credentials, allowing individuals to own and verify their achievements. This empowers both individuals and organizations, enabling seamless validation of qualifications and building trust in a more efficient, transparent way.
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