Verifiable Credential Proof Generation and Verification Model for Decentralized SSI-Based Credit Scoring Data

Abstract

The continuous development of the mobile computing environment has led to the emergence of fintech to enable convenient financial transactions in this environment. Previously proposed financial identity services mostly adopted centralized servers that are prone to single-point-of-failure problems and performance bottlenecks. Blockchain-based self-sovereign identity (SSI), which emerged to address this problem, is a technology that solves centralized problems and allows decentralized identification. However, the verifiable credential (VC), a unit of SSI data transactions, guarantees unlimited right to erasure for self-sovereignty. This does not suit the specificity of the financial transaction network, which requires the restriction of the right to erasure for credit evaluation. This paper proposes a model for VC generation and revocation verification for credit scoring data. The proposed model includes double zero knowledge - succinct non-interactive argument of knowledge (zk-SNARK) proof in the VC generation process between the holder and the issuer. In addition, cross-revocation verification takes place between the holder and the verifier. As a result, the proposed model builds a trust platform among the holder, issuer, and verifier while maintaining the decentralized SSI attributes and focusing on the VC life cycle. The model also improves the way in which credit evaluation data are processed as VCs by granting opt-in and the special right to erasure.