cheqd has recently launched Credential Payments, a feature within its Credential Service that allows individuals and organizations to receive compensation for sharing their identity data while preserving their privacy. This development introduces Trusted Data markets as a novel industry category, empowering users and organizations to take control of their data.
Decentralized Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) are leveraged by cheqd to establish Trusted Data markets. This innovation enables users to securely exchange and transact their verifiable Trusted Data while protecting their privacy.
cheqd offers various products and tools designed to facilitate seamless integration with the network’s identity and payment functions. Credential Service, for instance, is a scalable solution that simplifies the process of incorporating decentralized identities into existing applications. Additionally, a range of SDKs is available for more advanced users.
The launch of Credential Payments holds the potential to unlock new business models and address the cold-start problem on the supply side, thus promoting the adoption of SSI. Organizations now have a direct financial incentive to issue credentials and Trusted Data, as Credential Payments enables recurring revenue from reused credentials.
The cost of making credentials available to verifiers and receivers decreases compared to existing alternatives, thus encouraging more issuers to enter the market. This creates a network effect as both sides of the market work to attract more participants. cheqd’s identity network for payments has numerous use cases, with particular relevance in Finance and Education.
Self-Sovereign Identity (SSI) is particularly valuable in an era of increasing regulatory scrutiny that requires global organizations to be responsible and accountable for user data. Regulations such as the EU’s eIDAS 2.0 highlight the need for secure means to exchange identity data and attestations using Verifiable Credentials. Moreover, the rise of generative artificial intelligence has raised concerns about fraud, making it crucial for businesses to verify individuals using trusted data.
cheqd’s research suggests that the global SSI market could eventually exceed half a trillion dollars in value. With its Credential Payments feature, cheqd is at the forefront of developing privacy-focused payment and credential networks, providing a solution to unlocking new business models and promoting SSI adoption.
