Title: Revolutionising credit history-harnessing self-sovereign identity for transparent and empowered credit assessment

Authors: Surekha Thota; Shantala Devi Patil

Addresses: School of Computer Science and Engineering, REVA University, Bengaluru, 560064, India ' School of Computer Science and Engineering, REVA University, Bengaluru, 560064, India

Abstract: The conventional process of credit document verification heavily relies on manual methods, making it tedious and time-consuming. The advent of self-sovereign identity (SSI) revolutionised the landscape of credit document verification. SSI empowers individuals with complete control over their identity, ensuring privacy, trust, and security. This paper presents an in-depth exploration of SSI's application in the credit processing domain. This paper highlights the implementation of SSI using the Trust over IP framework on Hyperledger Aries, empowering borrowers to own and control the sharing of their verifiable credentials. By integrating Hyperledger Aries and SSI, a robust and interoperable blockchain-based identity framework can be built. This allows individuals to store their verifiable credentials on a distributed ledger securely and selectively disclose them to lenders as needed. This model empowers borrowers to present accurate and tamper-proof credentials, enhancing data privacy, transparency, and trust, while promoting a borrower-centric approach to sharing credentials.

Keywords: blockchain; SSI; self-sovereign identity; verifiable credentials; document verification; decentralised identifiers.

DOI: 10.1504/IJBC.2024.143408

International Journal of Blockchains and Cryptocurrencies, 2024 Vol.5 No.3, pp.171 - 194

Received: 10 Jun 2024
Accepted: 26 Sep 2024
Published online: 18 Dec 2024 *

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