This novel feature is integrated into their decentralized network and Software-as-a-Service (SaaS) offering, known as Credential Service. The introduction of this platform enables both companies and people to get compensation for sharing their identification data, all while ensuring the preservation of privacy, according to the latest news shared with Finbold on September 20.
Furthermore, this development also entails the establishment of infrastructure to facilitate the emergence of Trusted Data marketplaces, thus establishing a new business category.
Self-Sovereign Identity (SSI)
Credential Payments is an innovative feature within the realm of Self-Sovereign Identity (SSI) that facilitates the process of settling on-chain payments for Trusted Data. This data is securely held off-chain in order to uphold privacy standards. Consequently, this enables users to securely communicate and conduct transactions with their verified Trusted Data while maintaining anonymity.
Cheqd has developed a range of products and solutions designed to facilitate enterprises’ integration with the network’s identification and payments capabilities.
One of the products offered is the Credential Service, which provides a scalable solution that effectively eliminates the intricacies involved in constructing or integrating decentralized identities into pre-existing systems. Power users have access to a variety of software development kits (SDKs) that cater to more intricate features.
This phenomenon facilitates the development of novel business models inside businesses and has evident promise in enhancing the acceptance and implementation of SSI by effectively resolving the first market supply challenges.
The implementation of SSI has the potential to serve as a viable and efficient remedy in the face of escalating regulatory measures that compel multinational entities to assume more responsibility and accountability in their management of user data.
Organizations need a mechanism to ensure adherence to forthcoming rules, such as the European Union’s eIDAS 2.0. This regulatory framework will oversee electronic identification and facilitate the use of Verifiable Credentials as a method for exchanging identity information and verifications.
Furthermore, the proliferation of generative artificial intelligence has resulted in increased apprehensions about fraudulent activities, owing to its capacity to generate widespread mistrust. In contemporary times, it has been more essential for firms to possess a dependable mechanism for validating the authenticity of individuals via the use of verified Trusted Data.
Based on cheqd’s study findings, it is evident that the worldwide market for SSI has the potential to surpass half a trillion dollars in value.
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