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Verifiable Credentials for Identity Assurance in the Digital Society: An Overview and Trends in Standards Development

Author

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  • YAMADA Nodoka

    (Bank of Japan)

  • SHINZAKI Takashi

    (Bank of Japan)

  • SHIMIZU Tomoko

    (Bank of Japan)

  • OKABE Kota

    (Bank of Japan)

Abstract

With the advancement of digitalization, the importance of securely and reliably proving one fs identity using digital technologies has been growing. In this context, Verifiable Credentials (VCs) are attracting attention. A VC is a versatile and machine-readable gdigital certificate h with functions to ensure authenticity and prevent tampering by using digital signatures. In addition to the use of VCs for COVID-19 vaccination certificates, their utilization is being explored in a wide range of domains, including financial practices. Various organizations have also been advancing standards development for VCs. For example, in October 2024, the International Organization for Standardization (ISO) published the international standard for the verifiable Legal Entity Identifier (vLEI), a type of VC. This report provides an overview of VCs, their use cases, and trends in the development of related standards.

Suggested Citation

  • YAMADA Nodoka & SHINZAKI Takashi & SHIMIZU Tomoko & OKABE Kota, 2026. "Verifiable Credentials for Identity Assurance in the Digital Society: An Overview and Trends in Standards Development," Bank of Japan Working Paper Series 2026-E-6, Bank of Japan.
    • Handle: RePEc:boj:bojwps:rev26e06
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