Cheqd Unveils Revolutionary Credential Payments, Shaping the Future of Trusted Data Markets
Cheqd introduces Credential Payments, a groundbreaking feature offering users and organizations an innovative way to monetize their identity data, redefining the landscape of Trusted Data industries.
Cheqd, a startup centered on empowering users and organizations with control and portability of identity data, has unveiled Credential Payments, a revolutionary feature of its decentralized network and SaaS product, Credential Service. This development allows entities and individuals to earn from sharing their identity data, ensuring they maintain their privacy. The innovative move aims to shape the Trusted Data market into a new industry sector.
Credential Payments pioneers a Self-Sovereign Identity (SSI) mechanism that allows on-chain payments for Trusted Data stored off-chain, maintaining user privacy. This facilitates a process where users can confidently exchange and transact their Trusted Data.
Cheqd has designed a suite of products and tools to ease integration with its network. Credential Service is a standout solution that simplifies the integration of decentralized identities into current applications. Additionally, a range of SDKs is on offer for advanced users.
This development promotes the creation of fresh business models and offers a solution to the initial adoption hurdle of SSI. Through the Cheqd network’s Credential Payments, there’s an incentive for organizations to issue Trusted Data, as they can gain recurring revenue from repeated usage of a credential. As more verifiers access credentials at more affordable rates, more issuers will join the marketplace, generating a positive feedback loop.
With global regulations tightening around user data management, SSI emerges as a timely solution. Businesses require tools to comply with laws like the EU’s eIDAS 2.0. Furthermore, the emergence of generative AI heightens fraud concerns, pressing the need for verifiable Trusted Data.
Cheqd’s studies indicate that the global potential for SSI could surpass half a trillion dollars. By pioneering Credential Payments while ensuring data owners retain privacy, Cheqd differentiates itself in the identity network space. The company has already partnered with a significant portion (over 70%) of the SSI application vendor market.
Two prime examples of this identity network’s application lie in Finance and Education. Within the financial sphere, global regulations increasingly focus on KYC for the crypto and DeFi sectors. Credentials enable these protocols to establish KYC requirements while providing a user-friendly experience. In the educational realm, verified achievements offer enhanced trust in accreditations, with costs attached to establish this trust.
As Cheqd continues its journey, it stands to be a crucial player in promoting the adoption of trusted credentials, pushing SSI into mainstream awareness.
Cheqd, operating at Cheqd.io, is a trailblazer in privacy-centric payment and credential networks. The company’s foundation lies in Decentralised Identity (DID), Self-Sovereign Identity (SSI), and Verifiable Credentials (VCs), merging these with payment structures to introduce Trusted Data markets as a novel industry. Their technology positions users at its core, allowing transactions within a payment network that emphasizes individual privacy and groundbreaking market principles. Cheqd collaborates across various sectors, boasting a unique decentralized reputation platform, creds.xyz, to engage and safeguard Web3 communities.