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Verifiable Credentials (VCs) are tamper-proof, cryptographically secured, and digitally signed versions of physical credentials that prove information about a person in a trustworthy and privacy-preserving way. VCs are an open standard for digital credentials set by the global web standards organization, W3C, originally in 2019.  

It is important to note the distinction between (lowercase) “verifiable credentials” and (uppercase) “Verifiable Credentials”. The generic term, “verifiable credentials” refers to any digital credential that can be verified for authenticity and integrity, but is not necessarily tied to the W3C standard. While these could use other methods for proof or cryptographic verification, they may lack the privacy-preserving and decentralized aspects of the (capitalized) VCs. 

Key components of VCs include:

• Issuer: The trusted entity (e.g., university, government, company) that issues the credential.
• Holder: The individual or entity who owns and controls the credential.
• Verifier: The party who checks the authenticity and validity of the credential.
• Digital Signature: A cryptographic signature ensures the credential hasn’t been tampered with and verifies the issuer's identity.
• Metadata: Includes details about the credential, such as the type, date of issue, and expiration proving the richness of value digital credentials provide beyond traditional physical credentials.

VCs provide several benefits such as being tamper-proof and fraud-resistant, privacy-preserving, verifiable, portable and interoperable. VCs are a key component of self-sovereign identity solutions, enabling individuals to control their personal information.

Since about 2011, work has been occurring to provide alignment within the digital credentialing ecosystem. Most recently, 1EdTech, a membership organization accelerating an open, trusted, and innovative digital learning ecosystem, maintains the two most prominent standards.

Open Badges 3.0 (OBv3): More commonly used to recognize skills, achievements, competencies, and microcredentials across diverse industries, including education.  

Comprehensive Learner Record 2.0 (CLR2.0): Designed specifically for academic records to offer a more comprehensive, detailed, and richer view of learning progress than traditional transcripts.

Both of these standards are aligned with the broader W3C VC standard, enabling secure, portable, and verifiable credentials, and they complement each other providing a learner with both specific achievements and holistic records. 

Interoperability means credentials issued by one platform or system can easily be recognized, verified, and used by other platforms, applications, or networks. This is critical because students and professionals often earn credentials from multiple sources and need to share them with various verifiers - employers, educational institutions, or licensing bodies.

Blockchain is a decentralized, digital ledger that records transactions across multiple computers in a way that ensures the data is secure, transparent, and tamper-resistant. It’s the underlying technology behind cryptocurrencies like Bitcoin and Ethereum, but its applications go far beyond digital currencies.

Blockchain enhances digital credentials and VCs in the following ways:

• Decentralized Trust and Verification: The storage of cryptographic proofs of credentials allows anyone to verify a credential’s authenticity without need to trust a central authority (e.g., an employer validating a prospective employee’s industry license without having to contact the issuing agency directly or rely on a manual list of trusted issuers). 
• Tamper-Proof and Immutable Records: Once a credential’s proof is recorded on the blockchain, it cannot be altered or deleted, preventing fraud (e.g., when a student applies for a graduate program abroad years after completing their undergraduate degree, the admissions office can confirm the degree is genuine and not forged).  
• Self-Sovereign Identity: Individuals can store their VCs in a digital wallet and selectively disclose information, controlling their digital identities and sharing only the information necessary (e.g., proving age without sharing birthdate). 
• Revocation and Expiry: The status of credentials can be recorded, enabling issuers to readily mark credentials as expired or revoked (e.g., a financial professional is issued a compliance certification that becomes invalid due to expiration, which employers and regulators can instantly see without contacting the issuer). 
• Interoperability and Portability: Credentials are universally accessible and easily verified across different platforms enabling cross-border recognition (e.g., credentials from a number of different learning experiences can all be stored in one wallet and easily shared with and validated by employers worldwide). 

The Velocity Network is a global initiative designed to create a public, open-source, trusted, and self-sovereign, blockchain-based infrastructure for managing and sharing career credentials. The Velocity Network Foundation, a nonprofit organization which GVSU has joined, governs the network. In fact, it provides the blockchain to which we are issuing your credentials, providing enhanced trust, portability, security, and verifiability. This is why on each of your GVSU credentials you will see a Velocity logo designating they are “velocity-enabled” credentials, in addition to being OBv3- and CLR2.0-compliant. 

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