Verifiable Credentials for Identity Assurance in the Digital Society:
An Overview and Trends in Standards Development
April 10, 2026
YAMADA Nodoka, SHINZAKI Takashi, SHIMIZU Tomoko, OKABE Kota
Payment and Settlement Systems Department
Abstract
With the advancement of digitalization, the importance of securely and reliably proving one's identity using digital technologies has been growing. In this context, Verifiable Credentials (VCs) are attracting attention. A VC is a versatile and machine-readable "digital certificate" with functions to ensure authenticity and prevent tampering by using digital signatures. In addition to the use of VCs for COVID-19 vaccination certificates, their utilization is being explored in a wide range of domains, including financial practices. Various organizations have also been advancing standards development for VCs. For example, in October 2024, the International Organization for Standardization (ISO) published the international standard for the verifiable Legal Entity Identifier (vLEI), a type of VC. This report provides an overview of VCs, their use cases, and trends in the development of related standards.
Notice
The Bank of Japan Review Series is published by the Bank to explain recent economic and financial topics for a wide range of readers. This report, 2026-E-6, is a translation of the Japanese original, 2026-J-2, published in March 2026. Views expressed are those of the author(s) and do not necessarily reflect those of the Bank.
If you have any comments or questions, please contact the Information Technology Standardization Group, Payment and Settlement Systems Division, Payment and Settlement Systems Department*(E-mail : post.pr@boj.or.jp).