cheqd has launched Credential Payments, a new feature of its Credential Service
- cheqd (cheqd.io) is a privacy-focused payment and credential network that empowers users and organizations to take control of their data.
- It leverages Decentralized Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs), to establish Trusted Data markets as a novel industry category.
- cheqd’s technology is reshaping Trusted Data economies, including reusable KYC in Web3 and preference data markets.
cheqd, a startup focused on enhancing user and organizational control over identity data, has introduced Credential Payments, a new feature within its decentralized network and SaaS product, Credential Service. This development enables individuals and organizations to receive compensation for sharing their identity data while preserving their privacy. It also lays the foundation for Trusted Data markets, a nascent industry category.
Credential Payments represent a pioneering feature in Self-Sovereign Identity (SSI), allowing on-chain settlements for Trusted Data that remains off-chain to safeguard privacy. This innovation enables users to securely exchange and transact their verifiable Trusted Data while protecting their privacy.
Expansion of cheqd services
cheqd offers various products and tools designed to facilitate seamless integration with the network’s identity and payment functions. Credential Service, for instance, is a scalable solution that simplifies the process of incorporating decentralized identities into existing applications. Additionally, a range of SDKs is available for more advanced users.
The launch of Credential Payments holds the potential to unlock new business models and address the cold-start problem on the supply side, thus promoting the adoption of SSI. Organizations now have a direct financial incentive to issue credentials and Trusted Data, as Credential Payments enables recurring revenue from reused credentials.
As the cost of making credentials available to verifiers and receivers decreases compared to existing alternatives, more issuers are likely to enter the market, expanding its coverage. This creates a network effect as both sides of the market work to attract more participants.
cheqd’s identity network for payments has numerous use cases, with particular relevance in Finance and Education.
Value of Self-Sovereign Identity (SSI) in the AI era
SSI is poised to provide a valuable solution, particularly in an era of increasing regulatory scrutiny that requires global organizations to be responsible and accountable for user data.
Regulations such as the EU’s eIDAS 2.0 highlight the need for secure means to exchange identity data and attestations using Verifiable Credentials. Moreover, the rise of generative artificial intelligence has raised concerns about fraud, making it crucial for businesses to verify individuals using trusted data.
cheqd’s research suggests that the global SSI market could eventually exceed half a trillion dollars in value.
