What are claims and endorsements?
What are claims and endorsements?, Monday Jul 13
Many interactions, particularly those that fall under KYC/AML requirements, rely on a strong proof of identity. To support this, iov42 has centered the network around identities that are reinforced with claims and endorsements.
Claims are statements made by an identity about itself. For an identity of a person—let’s say Joe—this could be the date of birth, nationality, email, or any other piece of information. When Joe makes a claim, it is stored on the platform as a hash of the plain text of the claim.
Endorsements are a form of approval by trusted third parties (such as banks or governments), ensuring that claims made by identities are valid and can be trusted. Using cryptographic signatures, an endorsing party can endorse an identity’s claim. It is submitted to the iov42 network, where it goes through consensus for validation. Once validated, the claim and related endorsement are added to Joe’s identity to bolster the trustworthiness of his identity.
Sign up for our newsletter
Subscribe now and get exclusive news, interviews and stories.