cheqd becomes one of the first interoperable networks for decentralised identity

Thursday 10 November 2022 14:53 CET | News

UK-based trusted data network cheqd has built a decentralised identity network, enabling individuals and organisations to take full control of their data.


The updates make cheqd the first and only network to support three major verifiable credential types, turbocharging decentralised identity adoption. cheqd is now one of the most interoperable networks for decentralised identity.

Thanks to supporting three large credential types and two big revocation types, these updates ensure the company is paving the way for a more diverse array of decentralised identity applications to be built on the cheqd network.

cheqd has built a decentralised network, enabling individuals and organisations to take full control of their data.


Enabling trust through improved security

To understand the impact of these updates, it’s important to understand decentralised, or self-sovereign identity (DID or SSI). SSI is an emerging technology that centres the control of information around the user. It safeguards privacy by removing the need to store personal information entirely on a central database and gives individuals greater control over what information they share. SSI’s potential addressable market totals USD 0.55 trillion, according to cheqd.

Company officials stated that supported by the need for secure digital credentials, uptake of decentralised technologies, and growing concerns for data privacy and security, they’re seeing a strong market demand for decentralised identity solutions across all industry verticals. From public offices issuing identity documents, like introducing blockchain-based digital identification instead of physical cards in South Korea, to re-usable Know Your Customers (KYC) for banking and passwordless interaction for ecommerce, there is a common denominator for all: a need for digital trust.

Across the SSI industry, there are three primary credential formats: JSON, JSON-LD, and AnonCreds. Although widely adopted in isolation, to date, no single blockchain network has supported all three credential formats. This is largely because the AnonCreds digital credential format has been closely built around the Hyperledger Indy network. 

With its latest releases and tooling made available, cheqd now supports all three credentials formats. With greater interoperability comes greater utility and hence greater value for data, creating a greater commercial driver for adoption. Acting as an enabler of decentralised identity, Verifiable Credentials (VC) are tamper-evident data files with a set of claims about a person, organisation, or thing that can be cryptographically verified.

More information on cheqd

cheqd is a technology company enabling individuals and organisations to take full control of their data. It provides payment rails, customisable commercial models, and governance structures for trusted data, including self-sovereign identity (SSI). Based on blockchain technology, cheqd is built upon a public permissionless network with a dedicated token - $CHEQ.

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Keywords: blockchain, digital identity, security token, KYC, hyperledger
Categories: Fraud & Financial Crime
Companies: cheqd
Countries: World
This article is part of category

Fraud & Financial Crime


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