cheqd has launched Credential Funds, a brand new function of its Credential Service

• cheqd (cheqd.io) is a privacy-focused fee and credential community that empowers customers and organizations to take management of their information.
• It leverages Decentralized Identification (DID), Self-Sovereign Identification (SSI), and Digital or Verifiable Credentials (VCs), to ascertain Trusted Knowledge markets as a novel business class.
• cheqd’s know-how is reshaping Trusted Knowledge economies, together with reusable KYC in Web3 and desire information markets.

cheqd, a startup targeted on enhancing consumer and organizational management over identification information, has launched Credential Funds, a brand new function inside its decentralized community and SaaS product, Credential Service. This improvement allows people and organizations to obtain compensation for sharing their identification information whereas preserving their privateness. It additionally lays the inspiration for Trusted Knowledge markets, a nascent business class.

Credential Funds symbolize a pioneering function in Self-Sovereign Identification (SSI), permitting on-chain settlements for Trusted Knowledge that continues to be off-chain to safeguard privateness. This innovation allows customers to securely alternate and transact their verifiable Trusted Knowledge whereas defending their privateness.

Enlargement of cheqd companies

cheqd gives varied merchandise and instruments designed to facilitate seamless integration with the community’s identification and fee capabilities. Credential Service, as an illustration, is a scalable resolution that simplifies the method of incorporating decentralized identities into current purposes. Moreover, a variety of SDKs is on the market for extra superior customers.

The launch of Credential Funds holds the potential to unlock new enterprise fashions and handle the cold-start drawback on the provision facet, thus selling the adoption of SSI. Organizations now have a direct monetary incentive to challenge credentials and Trusted Knowledge, as Credential Funds allows recurring income from reused credentials.

As the price of making credentials obtainable to verifiers and receivers decreases in comparison with current alternate options, extra issuers are prone to enter the market, increasing its protection. This creates a community impact as either side of the market work to draw extra individuals.

cheqd’s identification community for funds has quite a few use circumstances, with explicit relevance in Finance and Schooling.

Worth of Self-Sovereign Identification (SSI) within the AI period

SSI is poised to offer a worthwhile resolution, significantly in an period of accelerating regulatory scrutiny that requires world organizations to be accountable and accountable for consumer information.

Rules such because the EU’s eIDAS 2.0 spotlight the necessity for safe means to alternate identification information and attestations utilizing Verifiable Credentials. Furthermore, the rise of generative synthetic intelligence has raised issues about fraud, making it essential for companies to confirm people utilizing trusted information.

cheqd’s analysis means that the worldwide SSI market may ultimately exceed half a trillion {dollars} in worth.