Current status of Decentralized Identifiers and Verifiable Credentials

Abstract

Decentralized identifiers (DIDs) and verifiable credentials (VCs) are attracting attention as a new form of digital identity implementation. The traditional model concentrates on managing and providing user information based on solid trust in the entity providing identity services. The VC model shifts to a model in which the roles of the issuer, holder, verifier are separated. This model allows for fine grained control of digital identities. At the heart of this technology are the DID and VC data models, which are being actively developed and standardized along with various related technologies. This paper outlines the background, standardization, related protocols, application examples, issues, and discussion points regarding this emerging technology.