Verafide, a verifiable credentials technology provider for issuers, holders and verifiers of digital credentials and ID, announced the launch of their platform on the SETL enterprise blockchain. The open source solution enables any community, network or organization to set up and maintain a digital credentials ecosystem.
Verafide offers a comprehensive tool set to issue, hold and verify digital credentials – a personal, secure digital certificate that proves a fact, a right or a qualification – combined with an integrated payment solution to allow organizations to commercialize their issuance. Use cases include a variety of scenarios from KYC and legal documentation for financial services firms, to proof of identity or age, to digital credentials to evidence of vaccinations or professional qualifications.
The computer code Verafide developed to issue, present and verify the digital credentials has been open-sourced in compliance with Government best-practice policy for public sector use. The SETL blockchain maintains issuer’s identities and public keys as well as other information that allows verification of the digital certificates.
Portable certificates can be passed between the holder and verifier like a digital passport, without the need to share details of interactions or transactions with the original ‘issuer’ of IDs, so personal information remains protected.
Anthony Culligan, Verafide advisor and chief engineer at SETL, said in a statement: “With a multitude of digital wallets and credentials offerings expected to come to market, ensuring interoperability across systems and the ability to integrate into existing infrastructures is more important than ever.”
Verafide is engineered by SETL and hosted on SETL’s enterprise blockchain technology. SETL has a proven track record in delivering distributed ledger technology (DLT) based solutions for financial markets, asset management and payments. SETL’s DLT technology powers regulated financial market infrastructures that are active and operational, including the central securities depository ID2S and the fund distribution platform IZNES.
Most recently, SETL has successfully completed the world’s first central bank digital currency (CBDC) live fund transaction in collaboration with Banque de France, using the SETL blockchain that powers the IZNES fund distribution platform.