cheqd Introduces Credential Service – The Easy Way for Anyone to Issue Credential

Key takeaways

• cheqd’s Credential Service is a ready-made, SaaS solution for issuing and verifying decentralized credentials.
• It allows users and organizations to access cheqd’s DID framework, blockchain technology, and payment functionality with ease and security.
• It is sector-agnostic and can be used for various use cases such as KYC, education, reputation, and trusted data markets.

cheqd, a privacy-preserving payment and credential network, introduces Credential Service. The startup, which allows users and organizations to gain control and portability of their data debuts its credential service as a plug-and-play, easy-to-use solution for the issuance and management of digital credentials.

A ready-made, software-as-a-service (SaaS) offering, cheqd’s Credential Service seamlessly integrates with any organization, serving as a simple solution for issuing and verifying decentralized credentials. Also termed a ‘Credential-as-a-Service’ offering, this solution eliminates all complexities necessary for building and integrating Decentralized Identity within existing applications. The implication is that organizations are able to issue and verify credentials in a few, simple steps.

How it Works

The best thing about cheqd’s Credential Service is that it brings everything together for users and organizations. Its key features include Decentralized Identifiers and Identity Keys, Credential Payment, Verifiable Credentials and Presentations, and Revocation Registries. Application developers can leverage simple API services instead of complex SDKs while using Credential Service to issue and manage credentials with ease.

cheqd’s plans and visions for Credential Service are hugely inspiring. It is expected to be a route for individuals and organizations to access upcoming payments functionality, a unique feature that will enable on-chain payments for off-chain trusted data. Expectedly, Payment functionality will open doors for entities to create entirely new business models touted as Trusted Data Markets.

Multiple Benefits in One Service

The benefits of cheqd’s Credential Service are enormous. It offers organizations access to cheqd’s Decentralized Identity (DID) framework even without requiring technical skills. DIDs, as a foundational technology, enable self-sovereign identity (SSI), which gives users control over the data they use to prove their identities to websites, applications and web-based services. This implies that users can store personal data in privacy-preserving digital wallets while still simplifying the process of verification.

In terms of overall security, Credential Service is super secure partly because it’s built on top of cheqd blockchain technology. This robust, public and permissionless network is fully compliant with Europe’s GDPR. Based on SSI technology, it was designed with the upcoming EU eiDAS regulation in mind. It doesn’t support the storage of personally identifiable information on its network. Rather, sensitive data are stored on its ledger where privacy and security are guaranteed.

Another wonderful thing about cheqd’s Credential Service is that it is sector-agnostic. This implies that it can be deployed across a wide range of use cases, namely:

• Know Your Customer (KYC) Checks
• Verification of Educational Qualifications
• Online Reputations
• Payment for digital credentials with full regulatory compliance

Speed is another good quality of the Credential Service – any credential can be checked and verified within seconds.

Speaking about the new service, cheqd’s Co-Founder and CEO, Fraser Edwards, said:

“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service. 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”.

Wrapping up

cheqd’s Credential Service is a game-changer for the decentralized identity and digital credential space. It offers a simple, secure, and scalable solution for issuing and verifying credentials across various sectors and use cases. It also enables new business models based on trusted data markets and on-chain payments. With Credential Service, cheqd is empowering users and organizations to take control of their data and identity in a privacy-preserving and compliant way.