cheqd debuts Credential Service – an easy way for anyone to issue credentials
London, England, July 12th, 2023, Chainwire
cheqd, a startup that allows users and organizations to gain control and portability of their data, introduces Credential Service, empowering organizations with an easy-to-use, plug-and-play solution for issuing and managing digital credentials.
cheqd’s Credential Service is a ready-made, software-as-a-service offering or “Credential-as-a-Service” that can easily be integrated into any organization. With its Credential Service, cheqd provides a simple solution for organizations to issue and verify decentralized credentials with ease. It removes all of the complexity and technical knowledge required to build or integrate Decentralized Identity within existing applications, allowing organizations to issue and verify trusted credentials in a few simple steps. Application developers can effortlessly issue and manage credentials by using simple API services. It supports features such as Credential Payment, Verifiable Credentials and Presentations, Decentralized Identifiers and Identity Keys, and Revocation Registries. This provides cheqd partners with the option to use a simple set of API services rather than needing to integrate more complex and nuanced Software Development Kits (SDKs).
As part of cheqd’s ultimate vision, Credential Service will be a route for anyone to access upcoming payments functionality – cheqd first-of-its-kind feature enabling on-chain payments for off-chain trusted data. Payment functionality offers opportunities for anyone to create entirely new business models – Trusted Data Markets.
With Credential Service organizations can access cheqd’s Decentralized Identity (DID) framework in the simplest and most efficient way, with no technical skills required. DIDs are a foundational technology for enabling self-sovereign identity (SSI) that gives users control over the information they use to prove who they are to websites, applications and services on the Web. Users can store all of their data in digital wallets that protect their privacy and keep their personal data more secure while limiting risk and simplifying the process of verification.
The Credential Service is built atop cheqd’s blockchain technology, a robust, public and permissionless network that’s fully compliant with Europe’s GDPR. As it’s based on self-sovereign identity technology, it is closely designed with the upcoming EU eIDAS regulation in mind that governs electronic identification and trust services for electronic transactions. As with all cheqd products, no personally identifiable information is stored on its network. Instead, the user’s personal data resides off-ledger, where it remains private and secure. The information is signed and verified by trusted identifiers on-chain, and any credential can be checked and verified in seconds.
cheqd’s Credential Service is sector-agnostic and applicable for a wide range of use cases, including Know Your Customer (KYC) checks, verification of educational qualifications and online reputations. It also supports payments for digital credentials with full regulatory compliance.
“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service,” said cheqd’s Co-founder and Chief Executive Officer, Fraser Edwards. “It is especially relevant for those who have never interacted with decentralized identity and want to access payment rails without needing to use anything technically complex. Its built-in payment infrastructure, combined with a simple set of APIs, will allow developers to fully leverage credential payments in the easiest possible way.”
For further questions or interview requests, please contact Avishay Litani at avishay@marketacross.com.
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. Put simply, you can now issue credentials and get paid to do so.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as lending markets in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a cutting-edge payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming and other sectors.
cheqd.io
