How Dock is Managing Blockchain Credentials for Business and Developers
Dock’s ecosystem of tools holds blockchain tech that expands and manages verifiable credentials for business and developer, with the help of a variety of components. We’ll go into the details in this stat[...]
Dock has created an ecosystem that consists of a variety of tools that use blockchain technology to enable businesses and developers to create and manage verifiable credentials and decentralized identifiers.
The following statement covers a lot of ground. The following guide is a comprehensive one about Dock Network and what it offers:
Current Credential Systems Have Several Issues
The spread of technology in the digital world has undoubtedly had a huge impact on the way people interact with each other and businesses. The process of global digitization was further quickened during the COVID-19 epidemic as people were confined to their homes, without any means to communicate with business.
People are forced to work with thousands of companies digitally, ranging from food deliveries to various online subscriptions, services and the like.
Users have become accustomed to accessing complex financial services online, which include not just simple services but also many other things. All of these require some type of proof of identity.
When data is transmitted, the verification process for proving who you are can be a slow and tedious one that also increases the risk of data breaches and fraudulent credentials.
In summary, some of the problems that are associated with paper-based credentials (such as sending a copy of your ID to a service provider) include but are not limited to:
- Although they are not easy to update
- They won't last for a long time
- Fake fingerprints are easy to make
- It's impossible to automate
- A Files can easily be lost or damaged
- Sharing them can be complicated and inefficient
All credentials are issued using identifiers, and in today's world, centralized identifiers. We all know that centralized identity systems are problematic. They have always been vulnerable to threats, cyberattacks, and privacy breaches with a single point of failure. The large companies own all the information on our behalf and this has led to a revolution against centralized control to make the web decentralized. Web3, the decentralized internet built on blockchain & cryptography foundation has the potential to make this data secure, self-owned & trustworthy
As the world becomes more digital and decentralized, decentralized identity solutions will become essential.
The Dock Network is what we're going to rely on for this part of the process.
Dock solves these problems in the following ways:
Dock suggests ways to make any document tamper-proof by using verifiable credentials (VC) tools that are designed for organizations to issue digital credentials and certificates. The process is made automatically and instantly verifiable, auditable, and fraud-proof when blockchain technology is used.
A cryptographic signature is a stamp that can be used to confirm the authenticity of any document. Verifiable Credentials are documents with this stamp, like a license, certificate, ID card or scorecard.
To issue or verify a verifiable credential, you need a decentralized identifier (DID) that is created on the blockchain. This is the same DID via which Web3 promises to bring back data in the hands of users. The Dock blockchain maintains a registry of all the DIDs issued using it. This creates instant trust between organizations and people in the ever-growing digital economy. All data and its footprint that is produced using a DID are completely controlled by their owner, who owns private key. User can share only specific information that's needed at any given time, keeping all other information private
Let's go a bit further.
Verifiable Credentials are a feature of the Dock blockchain. How do they work?
The Dock ecosystem, which is powered by blockchain technology, makes possible the entire process.
The following entities are:
- Users of an identity service
- The entities that create the initial supply of a cryptocurrency are known as issuers.
- The people who check the accuracy of blockchain transactions.
- Validation is performed by the validators.
- The Governing Council is in charge of the administration of the European Union.
- Revocation Authorities
Decentralized Identifiers (DIDs) are what make it possible to create verifiable and decentralized digital identities. A DID is any subject as determined by the controller of the DID - its owner or holder.
To start, we should examine the above paragraph.
End-users of identity services
A DID is an entity that has a decentralized, on-chain identity (DID). It has a public and private key that can be used to authenticate the identity or verify certain assertions from the DID – either on or off-chain.
The bank that issues the loan, will be the one to collect payments
The entities that issue credentials using the Dock Network are known as issuers. They can be companies, developers, governments, or other organizations. Their DIDs are used to sign the credentials; this can be verified by any verifier to ensure its authenticity.
The company has a number of
These are the entities that receive credentials from issuers. They can always verify the authenticity of their credentials and their revocation status using the Dock SDK toolkit.
Verifiers are the entities that check the correctness of a block.
Verifiers are responsible for checking the presentations that holders submit. These submissions are made by organizations that require verification of certain conditions to be met by holders in order for the latter to engage or provide services to them.
The issuer creates the verifiable credential and digitally signs it with their private key, which is only owned by the issuer. This system is similar to private keys needed to access blockchain wallets and sign transactions.
The verifier will check the authenticity of a credential by looking it up in the Dock blockchain's data registry, which is an immutable and decentralized database.
Revocation authorities, as the name suggests, are responsible for revoking certificates.
These are the entities that can revoke issued credentials or - by design - undo revocations in certain cases.
To see how to create a verifiable credential using Dock Certs, let's take a look at the following:
The entities that run a full node on the Dock blockchain are responsible for creating blocks on the Dock proof-of-stake blockchain and finalizing them. They earn rewards in Dock tokens for this responsibility. In the Dock ecosystem, they are also called Stakers.
The Governing Council is responsible for the company's overall strategy.
The governing council is a group of individuals selected through Dock's open governance model to make and also implement proposals. These proposals could be for determining base fees or distributing block rewards, for example.
Dock Certs is a system that allows you to create an authentic identity.
The process of creating and issuing verifiable credentials through the Dock Certs dashboard is made easy and does not require any previous coding knowledge or experience in blockchain-based technology. This is what the dashboard looks like:
Users can navigate to the tab for creating a verifiable credential from here, but in order to do so, they will first need to set up a decentralized identity (DID), as illustrated in the following image:
Once your DID has been created, you'll receive the following message, confirming that you can start issuing verifiable credentials.
After that, you can click "Create the Verifiable Credential (VC)" from the dashboard. If you want to issue hundreds of VCs at once, you can import a CSV file, and the platform will automatically create VCs for the list.
If you do not want to use the SMS service, you can manually enter the recipient’s information.
When the process is complete, you will be notified that the Verifiable Credential (VC) has been issued to the recipient.
You can create as many of these as you need and set various parameters such as expiration date. Once you have a credential created, the dashboard will look like this:
The Dock Blockchain is a public ledger that records transactions.
All users of Web3 will need their own Decentralized Identifiers (DIDs). Dock blockchain is the starting point for a layer of protocols for all things Web3. The Dock blockchain provides an open-source, decentralized, and scalable platform for organizations and developers to build Decentralized Identity and data applications. The blockchain maintains a verifiable registry of all DIDs, proof of credentials (if anchored), public cryptographic keys, and revocation registries.
The Dock blockchain uses the Nominated Proof of Stake (NPoS) consensus algorithm, which provides a new way for nodes to agree on the state of the network. It introduces a range of features to the ecosystem. For example, it delivers high decentralization, while also increasing the number of validators.
The NPoS consensus mechanism also plays a role in further decentralizing the network's governance, as community members can make and vote on proposals, as well as vote for candidates who will oversee the network's overall management through the Dock Council (see above).
Dock's blog post explains how to set up a Dock node.
NPoS is one of the consensus algorithms that can be used to run blockchain with. The following are some of the features of the blockchain that works using NPoS:
- If the system is to be used by a large number of people, we need to make sure that it can handle the load.
- To ensure the confidentiality of data, a business must take certain steps, such as encrypting sensitive information and using secure protocols.
- The ability of systems and devices to exchange data, regardless of the operating system they use.
- The EVM, a virtual machine that executes the code of Ethereum, allows smart contracts to be built on it.
- Carbon neutral Our company is working to minimize its carbon footprint
Dock's products can already serve the largest organizations to instantly generate verifiable credentials and create decentralized identifiers on its blockchain, while providing the tools for individuals and organizations to verify these credentials.
Sevenmile is an organization in Australia that uses Certs to issue educational qualification certificates to students who are completing courses using their platform.
In addition, the winners of the prestigious Odyssey Momentum Hackathon, who also used Dock's software to implement and host a permissioned blockchain, won overhd.
In addition, Dock has also advised Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a German development agency commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ). Dock helped them with the technical architecture and features for a professional profile data wallet linked to atingi, an educational platform built by GIZ.
Credenxia, Xertify, and other projects have also partnered with the Paratii Network.
The DOCK token is the fuel that powers the Dock ecosystem. It plays a key role in encouraging alignment between participants like issuers, validators, token holders and the Dock Association.
A utility is a blockchain's ability to perform certain functions, such as processing transactions and storing data.
Any operation that is performed on-chain requires token. The amount of tokens required would depend on the resource consumption of the particular operation, as well as its CPU usage, disk usage, and size. Some examples are:
- DIDs can be created by following these steps
- Keys can be added to DIDs
- When an entity changes its DID key, the new key
A new revocation registry would require tokens, as well as revoking credentials and undoing the revocation of credentials.
The governance of the European Union is set out in the treaties, which are the highest source of
The token is essential for giving holders the ability to participate in the governance of the protocol. For example, major changes to the network are decided by token holders, and each vote's value would depend on how many tokens were locked for how long.
The process of confirming transactions and creating new blocks in a blockchain network is called staking.
The Dock token is also used to determine validators. To become one, the candidate needs to lock DOCK tokens (to stake them). The network selects validators based on their individual stake.
DOCK token, in addition, gives emission rewards to those who support the infrastructure and process transactions.
An overview of the project.
The 2022 roadmap is not yet finished, but there are many exciting developments planned. Some of these include:
- A bridge between Ethereum and Italy
- The Ledger Live app was submitted to the Google Play store.
- The new version of the mobile app, which allows users to stake their tokens, is
- Relay Service allows users to send messages over the Tor network.
- A wallet that is accessed through the Internet
- Dock Certs can be used to verify the identity of a remote user. If an organization wants to use Dock Certs for this purpose, it must first set up a system that generates and
- Dock Certs can be integrated with credentials that are traceable
A detailed overview of the roadmap can be found right here.
This paper has shown how to create a
Dock Network is a blockchain project that has been around for a long time and has created a toolset for using digital credentials in the field of blockchain technology.
As the world moves to a digital reality that's increasingly consolidated, a lot of interactions take place in an online medium. As time passes, outdated identity verification methods are becoming more obsolete, and blockchain is often touted as one of the best alternatives.