User-controlled verifiable credentials can be shared on-demand and are secured by cryptographic verifiability. Consumers are able to build secure reputation and trust that travels; businesses gain added protection from identity forgery, replay attacks, and takeover fraud.
The relationship between providers and consumers is often called the ‘trust triangle.’ This describes the relationship between consumers (holders), and businesses in the network that issue and verify user credentials. The key concept is that trust in the holder travels because their associated information is “vouched for” by trusted parties in the network and credential activity flows through the holder. Issuers and verifiers sign data using their own private keys, in effect adding a stamp of authenticity to data, metadata, and documents that can be reverified downstream.
In order to build a future in which claims about a user’s identity are self-controlled and reusable between and among providers, we wrap the best of traditional ID proofing and biometrics in reusable, secure, and user-permissioned format using verifiable credentials (VCs), decentralized identifiers (DIDs) and public-key infrastructure (PKI).
This lets Portabl become the first open finance identity platform that specifically uses decentralized identity technology to marry reusable KYC with strong authentication as a platform for new user experiences.
We are combining reusable identity and trust networks with a few more user-facing super powers that enable people to self-aggregate their data and reduce their identity sprawl and fragmentation. This is the Portabl passport— a single HQ for individuals to manage their trusted information and linked accounts.
Issuing identity credentials back to their users enables providers to benefit from dynamic updates and continuous identity with lower overall PII risks. Safer exchanges with high-trust data unlock a more durable relationship between consumers and their trusted providers.
Becoming a trusted ID issuer provides a direct path to higher user engagement and NPS: credentials can be used to unlock new types of bundling and affiliate opportunities, resulting in greater flexibility, access, and retention.