In finscale the identities are distributed and are based on DID, The Decentralized Identifiers (DIDs), are a new type of globally unique identifier. They are designed to enable individuals and organizations to generate their own identifiers using systems they trust. These new identifiers enable entities to prove control over identities by authenticating using cryptographic proofs such as digital signatures.
Key properties of DID supported by Finscale are
decentralized: there should be no central issuing agency;
persistent: the identifier should be inherently persistent, not requiring the continued operation of an underlying organization;
cryptographically verifiable: it should be possible to prove control of the identifier cryptographically;
resolvable: it should be possible to discover metadata about the identifier.
How user can use them?
Users looking for services from FI
Manage the DID and be willing to prove the ownership or control over the existing DID (this could be done using cryptographic signatures)
Credentials that are verifiable using the standard specified and can be used in asserting say
Passport number is verified
National ID is verified
How FI nodes can use them?
FI can ask for DID when users request any kind of service one use case is described as follow.
Aman asks for opening a bank account from the wallet he does not see which bank but he sees what services are good for him.
FI asks for the DID for Aman once FI is able to establish the Aman DID and it is able to resolve the documentation required in case of opening a savings account.
FI can post back the quotes of the desired savings type or the account that Aman could possibly open
Aman would sign the Document or DID to be verified by the Verified Controller