Decentralized identity-based account and user verification

A method, comprising:

• receiving a transfer request from a user device;
• validating a balance credential on a distributed ledger based at least in part on a decentralized identity identifier (DID) received from the user device, the balance credential claiming that a user account balance associated with a user account of a user associated with the user device satisfies a minimum balance;
• verifying an ownership of the balance credential by a user based at least in part on a cryptographic challenge or a zero-knowledge proof algorithm;
• and
• executing the transfer request in response to validating the balance credential on the distributed ledger and verifying the ownership of balance credential.

A non-transitory, computer-readable medium, comprising machine-readable instructions that, when executed by a processor of a computing device, cause the computing device to at least:

• receive a transfer request from a user device;
• validate a balance credential on a distributed ledger based at least in part on a decentralized identity identifier (DID) received from the user device, the balance credential claiming that a user account balance associated with a user account of a user associated with the user device satisfies a minimum balance;
• verify an ownership of the balance credential by a user based at least in part on a cryptographic challenge or a zero-knowledge proof algorithm;
• and
• execute the transfer request in response to validating the balance credential on the distributed ledger and verifying the ownership of balance credential.