Verifiable credentials have an advantage over physical documents, because they cannot be forged. However, there is still a fraud risk if a credential is issued by someone that has no authority to do so.
How can a verifier be sure that the credential came from an authorized issuer? And vice-versa, how can a credential holder know which verifiers are trustworthy and that it is okay to share their credentials with them? Ecosystem Tools is a solution to answer this problem.
Ecosystem is a network of trusted digital identity issuers and verifiers. It uses a trust registry an on-chain list that contains information on who is authorized and trusted to issue or verify credentials in a particular ecosystem and which credential schemas they can issue and verify.
Ecosystems are governed by trust frameworks, a set of operating rules that participants of the ecosystem must follow.
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A trust ecosystem helps organizations to simplify everyday interactions and have confidence to allow other organizations or people to interact and share fraud-proof and digitally verifiable data.
Governing Authority could register as an Ecosystem Admin in Truvera Workspace where they can establish a Trusted Brand, communicate rules for participation in a Governance Framework, and administer the ecosystem.
By having an on-chain trust registry, credential verifiers do not need to manage a list of valid issuers and holders know which verifiers they can trust to share their credentials with. They only need to trust one Ecosystem administrator.
{% hint style="info" %} Ecosystem Tools is an add-on feature. If you want it enabled for your account please contact support@truvera.io {% endhint %}