CRIF is a global company specialized in credit and business information systems, analytics, outsourcing, processing services, as well as advanced digital solutions for business development and open banking. Founded in Bologna in 1988, it operates on four continents.

Pomiager is developing a Web3 – SSI system for CRIF.

Web3 and Self-Sovereign Identity (SSI) represent transformative technologies that are reshaping the landscape of the credit sector, among others. These innovations offer new paradigms for how credit information is managed, shared, and verified, bringing enhanced security, privacy, and user control.

Web3 in the Credit Sector

Web3, the third generation of the internet, introduces a decentralized network architecture built on blockchain technology. This evolution from the centralized models of Web1 and Web2 emphasizes user empowerment, data ownership, and interoperability across platforms without intermediaries. In the credit sector, Web3 can:

· Decentralize Credit Data: Move away from centralized databases controlled by single entities, reducing the risk of data breaches and ensuring more secure storage of sensitive financial information.

· Enhance Privacy: Enable transactions and credit checks without exposing personal data, using cryptographic techniques to prove creditworthiness without revealing underlying data.

· Facilitate Cross-Border Transactions: Simplify and secure international credit transactions by leveraging the global and borderless nature of blockchain networks.

· Innovate Credit Scoring: Utilize decentralized finance (DeFi) protocols and smart contracts to create more dynamic and real-time credit scoring models based on a wider range of data points.

Self-Sovereign Identity (SSI) in the Credit Sector

SSI is a digital identity model that places the control of personal identity information entirely in the hands of the individual. It uses blockchain to provide a secure, tamper-proof platform for identity verification. For the credit sector, SSI offers:

· User-Controlled Privacy: Individuals can share proof of their credit history or identity without revealing all personal details, maintaining privacy while fulfilling verification requirements.

· Reduced Fraud: The immutable nature of blockchain records associated with SSI reduces the potential for identity theft and fraud, as identity verification becomes more secure and verifiable.

· Streamlined Onboarding: The process of customer onboarding and credit checks can be significantly accelerated and simplified, as SSI allows for instant verification of credentials without the need for repeated document submissions.

· Interoperability: SSI enables a universal standard for identity that is recognized across platforms and jurisdictions, facilitating smoother transactions and interactions within the global credit market.

By integrating Web3 and SSI, the credit sector can achieve a more secure, efficient, and user-centric model. This integration promises to reduce operational risks, enhance customer experience, and open new opportunities for innovation in credit services, setting a foundation for a more inclusive and equitable financial ecosystem.