cheqd, a business that enables users and organizations to acquire control and portability over their data, has launched Credential Service, which provides organizations with an easy-to-use, plug-and-play solution for issuing and maintaining digital credentials.
The “Credential-as-a-Service” provided by cheqd is a ready-made software-as-a-service solution that can be quickly implemented into any business. Cheqd offers an easy way for businesses to easily issue and validate decentralized credentials with its Credential Service. It eliminates all the complexity and technical expertise needed to create or integrate Decentralized Identity into current systems, enabling businesses to issue and verify trustworthy credentials in just a few easy steps. By employing basic API services, application developers may easily create and maintain credentials. It offers functions like Revocation Registries, Decentralized Identifiers, Identity Keys, Verifiable Credentials and Presentations, and Credential Payment. As a result, cheqd partners now have the choice to employ a basic set of API services as opposed to including more intricate and nuanced Software Development Kits (SDKs).
Credential Service will provide a way for everyone to access impending payments capabilities, cheqd’s first-of-its-kind feature permitting on-chain payments for off-chain verified data, as part of the company’s overall mission. Anyone may develop whole new business models using payment capability, such as Trusted Data Markets.
Organizations may use Credential Service to access cheqd’s Decentralized Identity (DID) framework in the fastest and most effective manner possible without needing any specialized technical knowledge. DIDs are a key piece of enabling technology for self-sovereign identity (SSI), which provides individuals authority over the data they use to authenticate themselves to websites, apps, and services on the Web. Users may save all of their information in digital wallets that safeguard their privacy, make personal data more secure, reduce risk, and streamline the verification process.
The Credential Service is based on cheqd’s blockchain technology, a reliable, permissionless, public network that complies entirely with the GDPR in Europe. It is carefully built with the impending EU eIDAS legislation, which regulates electronic identification and trust services for electronic transactions, in mind since it is based on self-sovereign identity technology. No personally identifiable information is kept on its network, as is the case with all cheqd products. Instead, the user’s sensitive information is stored off-ledger, where it is kept secret and safe. Any credential may be quickly reviewed and confirmed since the information is signed and verified by trustworthy identifiers on-chain.
The Credential Service from cheqd may be used for a variety of use cases, such as Know Your Customer (KYC) checks, the verification of educational credentials, and online reputation. In complete accordance with all applicable regulations, it also facilitates payments for digital credentials.
“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.”
Avishay Litani may be reached at avishay@marketacross.com for any more inquiries or interview requests.