Verifiable credentials are an important tool in preventing fraud because they establish trust and credibility between parties involved in a transaction or interaction. When someone presents verifiable credentials, it means that their identity and qualifications have been independently verified by a trusted third party, such as a government agency or a professional association. They are based on decentralized technologies and are designed to provide users with control over their own personal information.
Real estate fraud is a particularly serious problem that can result in financial losses for both individuals and businesses. One way to combat real estate fraud is using verifiable credentials as described above, allowing for secure and trustworthy digital identification.
By using verifiable credentials, individuals and businesses can reduce the risk of real estate fraud in several ways:
The use of verifiable credentials in real estate transactions can help to reduce the risk of fraud and improve the security of transactions. As more individuals and businesses adopt this technology, we can expect to see a reduction in real estate fraud and increased trust in the real estate market.
Credivera’s digital identity solution offers verifiable credential capabilities tailored to the real estate industry. It enables the verification of credentials at the primary source without the need for intermediaries in that process. Put simply, it enables private, online sharing of details related to a particular transaction between professionals in this industry, the buyers and the sellers. Working alongside other real estate systems, Credivera enables data to be verified and exchanged in real time. The types of verifications that Credivera enables include background checks, licence checks and property checks.
About the Author: With over 20 years of progressive experience in innovation, technology partner management and strategic sales, Robert holds a Bachelor’s degree in Engineering Physics from the University of Saskatchewan, an MBA and is also a certified Professional Manager. Robert also serves on the IoT Advisory Board for CompTIA and has been active on the boards of many organizations from such diverse areas as technology and professional associations, housing developments, politics, and not-for-profits.