The continuous development of the mobile computing environment has led to the emergence of fintech to enable convenient financial transactions in this environment. Previously proposed financial identity services mostly adopted centralized servers that are prone to single-point-of-failure problems and performance bottlenecks. Blockchain-based self-sovereign identity (SSI), which emerged to address this problem, is a technology that solves centralized problems and allows decentralized identification. However, the verifiable credential (VC), a unit of SSI data transactions, guarantees unlimited right to erasure for self-sovereignty. This does not suit the specificity of the financial transaction network, which requires the restriction of the right to erasure for credit evaluation. This paper proposes a model for VC generation and revocation verification for credit scoring data. The proposed model includes double zero knowledge - succinct non-interactive argument of knowledge (zk-SNARK) proof in the VC generation process between the holder and the issuer. In addition, cross-revocation verification takes place between the holder and the verifier. As a result, the proposed model builds a trust platform among the holder, issuer, and verifier while maintaining the decentralized SSI attributes and focusing on the VC life cycle. The model also improves the way in which credit evaluation data are processed as VCs by granting opt-in and the special right to erasure.
Kang Woo CHO
Pukyong National University
Byeong-Gyu JEONG
Pukyong National University
Sang Uk SHIN
Pukyong National University
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Kang Woo CHO, Byeong-Gyu JEONG, Sang Uk SHIN, "Verifiable Credential Proof Generation and Verification Model for Decentralized SSI-Based Credit Scoring Data" in IEICE TRANSACTIONS on Information,
vol. E104-D, no. 11, pp. 1857-1868, November 2021, doi: 10.1587/transinf.2021NGP0006.
Abstract: The continuous development of the mobile computing environment has led to the emergence of fintech to enable convenient financial transactions in this environment. Previously proposed financial identity services mostly adopted centralized servers that are prone to single-point-of-failure problems and performance bottlenecks. Blockchain-based self-sovereign identity (SSI), which emerged to address this problem, is a technology that solves centralized problems and allows decentralized identification. However, the verifiable credential (VC), a unit of SSI data transactions, guarantees unlimited right to erasure for self-sovereignty. This does not suit the specificity of the financial transaction network, which requires the restriction of the right to erasure for credit evaluation. This paper proposes a model for VC generation and revocation verification for credit scoring data. The proposed model includes double zero knowledge - succinct non-interactive argument of knowledge (zk-SNARK) proof in the VC generation process between the holder and the issuer. In addition, cross-revocation verification takes place between the holder and the verifier. As a result, the proposed model builds a trust platform among the holder, issuer, and verifier while maintaining the decentralized SSI attributes and focusing on the VC life cycle. The model also improves the way in which credit evaluation data are processed as VCs by granting opt-in and the special right to erasure.
URL: https://global.ieice.org/en_transactions/information/10.1587/transinf.2021NGP0006/_p
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@ARTICLE{e104-d_11_1857,
author={Kang Woo CHO, Byeong-Gyu JEONG, Sang Uk SHIN, },
journal={IEICE TRANSACTIONS on Information},
title={Verifiable Credential Proof Generation and Verification Model for Decentralized SSI-Based Credit Scoring Data},
year={2021},
volume={E104-D},
number={11},
pages={1857-1868},
abstract={The continuous development of the mobile computing environment has led to the emergence of fintech to enable convenient financial transactions in this environment. Previously proposed financial identity services mostly adopted centralized servers that are prone to single-point-of-failure problems and performance bottlenecks. Blockchain-based self-sovereign identity (SSI), which emerged to address this problem, is a technology that solves centralized problems and allows decentralized identification. However, the verifiable credential (VC), a unit of SSI data transactions, guarantees unlimited right to erasure for self-sovereignty. This does not suit the specificity of the financial transaction network, which requires the restriction of the right to erasure for credit evaluation. This paper proposes a model for VC generation and revocation verification for credit scoring data. The proposed model includes double zero knowledge - succinct non-interactive argument of knowledge (zk-SNARK) proof in the VC generation process between the holder and the issuer. In addition, cross-revocation verification takes place between the holder and the verifier. As a result, the proposed model builds a trust platform among the holder, issuer, and verifier while maintaining the decentralized SSI attributes and focusing on the VC life cycle. The model also improves the way in which credit evaluation data are processed as VCs by granting opt-in and the special right to erasure.},
keywords={},
doi={10.1587/transinf.2021NGP0006},
ISSN={1745-1361},
month={November},}
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TY - JOUR
TI - Verifiable Credential Proof Generation and Verification Model for Decentralized SSI-Based Credit Scoring Data
T2 - IEICE TRANSACTIONS on Information
SP - 1857
EP - 1868
AU - Kang Woo CHO
AU - Byeong-Gyu JEONG
AU - Sang Uk SHIN
PY - 2021
DO - 10.1587/transinf.2021NGP0006
JO - IEICE TRANSACTIONS on Information
SN - 1745-1361
VL - E104-D
IS - 11
JA - IEICE TRANSACTIONS on Information
Y1 - November 2021
AB - The continuous development of the mobile computing environment has led to the emergence of fintech to enable convenient financial transactions in this environment. Previously proposed financial identity services mostly adopted centralized servers that are prone to single-point-of-failure problems and performance bottlenecks. Blockchain-based self-sovereign identity (SSI), which emerged to address this problem, is a technology that solves centralized problems and allows decentralized identification. However, the verifiable credential (VC), a unit of SSI data transactions, guarantees unlimited right to erasure for self-sovereignty. This does not suit the specificity of the financial transaction network, which requires the restriction of the right to erasure for credit evaluation. This paper proposes a model for VC generation and revocation verification for credit scoring data. The proposed model includes double zero knowledge - succinct non-interactive argument of knowledge (zk-SNARK) proof in the VC generation process between the holder and the issuer. In addition, cross-revocation verification takes place between the holder and the verifier. As a result, the proposed model builds a trust platform among the holder, issuer, and verifier while maintaining the decentralized SSI attributes and focusing on the VC life cycle. The model also improves the way in which credit evaluation data are processed as VCs by granting opt-in and the special right to erasure.
ER -